Nevro price target lowered to $7 from $16 at RBC Capital

RBC Capital lowered the firm’s price target on Nevro to $7 from $16 and keeps a Sector Perform rating on the shares. The firm cites the company’s Q2 revenue miss and lowered FY24 guidance, with the management calling out softness in the U.S. SCS market as earlier line therapies take hold and on competitive pressures, which they expect will continue into the second half of the year, the analyst tells investors in a research note.