Nevro upgraded to Neutral from Sell at Citi

Citi analyst Joanne Wuensch upgraded Nevro to Neutral from Sell with an unchanged price target of $6.89. With the shares down 73% year-to-date, there is little near-term optimism backed into the stock, the analyst tells investors in a research note. The firm believes management likely “cleared the deck” with the revised guidance and it is encouraged Nevro is exploring strategic alternatives more urgently. Citi thinks numbers are adequately set for 2024 but adds that “uncertainty remains high.”