In a report released today, Ryan Zimmerman from BTIG maintained a Buy rating on NuVasive (NUVA), with a price target of $65. The company’s shares closed yesterday at $60.60.
Zimmerman noted:
“PT to $65 We maintain our Buy rating and raise our PT to $65 from $59 following 1Q19 results which came in better than expected on both a top and bottom-line perspective. Revenue performance was solid across all 3 segments with a net positive billing day (-1 in U.S. Hardware, +2 in International) with U.S. +15.6% xFx while underlying trends in U.S. Surgical Support improved modestly (+3.7% Y/Y) even as biologics remains down -6% Y/Y. More importantly NUVA is finally benefiting from in-sourced manufacturing with and better expense discipline bore through (the result of one time impacts and overhead scale). While mgmt. expects to increase SG&A going forward, we believe investors will be encouraged by the long- promised expense rigor combined with maintained guidance which mgmt. continues to articulate as realistic.”
According to TipRanks.com, Zimmerman is a 5-star analyst with an average return of 34.3% and a 66.0% success rate. Zimmerman covers the Healthcare sector, focusing on stocks such as Zimmer Biomet Holdings, Integra Lifesciences, and OrthoPediatrics Corp.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for NuVasive with a $63.71 average price target.
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The company has a one-year high of $72.41 and a one-year low of $43.51. Currently, NuVasive has an average volume of 719.1K.
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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.
