In a report released yesterday, Craig Bijou from Cantor Fitzgerald maintained a Hold rating on NuVasive (NASDAQ: NUVA), with a price target of $58. The company’s shares closed yesterday at $62.51.
Bijou commented:
“: We maintain our Neutral rating on NUVA and our 12-month $58 PT. Although NUVA beat on the top line by $6MM, driven by continued US spinal hardware momentum and sequential improvement in its Biologics (albeit on much easier comps), the company’s significant OM (15.6% vs. 17.8%) and EPS ($0.56 vs. FactSet $0.62) missed and lower guidance leaves us scratching our head. We think that the company may be lowering the bar for the new CEO (starts Nov. 5), but it is hard to understand how profitability expectations could change so much since the 2Q call. NUVA guidance implies a 2H OM that is 290bps lower than it expected three months ago.”
According to TipRanks.com, Bijou is a 4-star analyst with an average return of 9.4% and a 47.4% success rate. Bijou covers the Healthcare sector, focusing on stocks such as Zimmer Biomet Holdings, Ra Medical Systems Inc, and Integra Lifesciences.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for NuVasive with a $75 average price target.
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NuVasive’s market cap is currently $3.21B and has a P/E ratio of 79.13. The company has a Price to Book ratio of 4.11.
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NuVasive, Inc. engages in the development of minimally-disruptive surgical products and procedurally-integrated solutions for spine surgery. It offers cervical and spine fusion surgery, cervical plating, and posterior fixation products. The company was founded by Alexis V. Lukianov on July 21, 1997 and is headquartered in San Diego, CA.
