MedTech's macro struggles may ease by H2 2023 - Citi

Nevro

17/01/2023 17:53

** Citi says it believes current macro struggles such as
those related to staffing, patient volumes, inflation and supply
chain in the MedTech market will not abate immediately
    ** Brokerage expects macro headwinds to ease off by H2 2023
    ** Citi says its top picks for 2023 in MedTech sector are
DexCom Inc  DXCM.O , Penumbra Inc  PEN.N , Stryker Corp  SYK.N 
and Silk Road Medical Inc  SILK.O  
    ** Citi downgrades medical device maker Nevro Corp  NVRO.N 
to "neutral" from "buy" and cuts PT to $40 from $58 
    ** Brokerage says it will be hard for NVRO to find its
footing in near-to-medium-term after its CEO retired last week
    ** Says for PEN, its patent protected device for removing
blood clots is unique and could prove to be advantageous over
competing products - brokerage
    ** Including session's moves, SILK has risen ~51.2%, DXCM
has fallen ~3.2%, PEN has fallen ~1%, SYK has fallen ~3.5% and
NVRO has fallen ~59% in past 12 months
 (Reporting by Mariam E Sunny)
 ((Mariam.ESunny@thomsonreuters.com;))