Leerink Partners Cuts Price target on NuVasive (NUVA) Following 3Q Beat

Leerink Partners maintained an Outperform rating on NuVasive (NASDAQ: NUVA), and cut the price target to $60.00 (from $65.00), following the company's 3Q15 earnings results. Sales of ~$201M matched consensus, as EPS beat consensus by $0.08. Revenue guidance of $810M was reiterated.

Analyst Richard Newitter commented, "There was anxiety heading into NUVA's 3Q. But ultimately we think results should be viewed with a sigh of relief as rev came in line and EPS ahead on a solid profit beat & impressive op leverage. Int'l disruption (anticipated & self-inflicted) was worse than expected, but mgmt. has visibility into re-acceleration in 2016. While some may pick at soft biologics & OUS results, we have confidence the issues in these divisions will prove transient and that NUVA's mid-to-high single digit top-line and margin expansion story remain fully intact. PT to $60 on grp multiple compression."

For an analyst ratings summary and ratings history on NuVasive click here. For more ratings news on NuVasive click here.

Shares of NuVasive closed at $47.10 yesterday.

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