NuVasive: Down as brokerages cut PT on slower-than-expected recovery

NuVasive

30/10/2020 16:57

** Shares of surgical products maker  NUVA.O  down 8.6% at
$45.02
    ** Co on Thursday aftermarket reported Q3 adj. EPS of 55
cents vs est. of 24 cents
    ** Q3 rev. rose 1.5% to $295.3 mln, beating est. of $256.684
mln
    ** Co withdrew its FY 2020 forecast in Apr and did not
reinstitute annual financial outlook for the remainder of year
    ** At least seven brokerages cut PT    
    ** Jefferies says NUVA did not clarify what was behind the
strong 3Q bounce and whether it was more a recapture of pent-up
procedures or underlying demand remains to be seen
    ** Brokerage assumes modest recovery over the near term;
cuts PT to $51 from $60
    ** BTIG says NUVA showed slower than expected Q3 recovery
and is being outpaced by peers and is facing increased
competition within the U.S. spinal implant market 
    ** Northland Capital Markets says the strong Q3 results
still trailed its peers and until investors get greater
visibility, stock will remain range bound

 (Reporting by Mrinalika Roy in Bengaluru)
 ((mrinalika.roy@thomsonreuters.com; within U.S. +1 646 223
8780, outside U.S. +91 806749 8325;))