Nevro price target lowered to $7 from $12 at Piper Sandler

Piper Sandler analyst Adam Maeder lowered the firm’s price target on Nevro to $7 from $12 and keeps an Underweight rating on the shares. The firm notes Nevro announced Q2 results that included revenue of $104.2M, which came in below consensus, while adjusted EBITDA was relatively in-line. The bigger disappointment, however, is that Nevro decreased its FY 2024 top-line guidance to $400M-$405M representing a sizable decrease from the prior range, Piper says. Management also lowered the full year guidance for adjusted EBITDA and the company’s Q3 outlook came in lighter than the Street was modeling pre-call.