PiperJaffray Lowers NuVasive (NUVA) Price Target, Reiterates Overweight Rating

PiperJaffray analysts Matt Miksic and Roshni Sacks reiterated their Overweight rating for shares of NuVasive, Inc. (Nasdaq: NUVA) and lowered their price target from $55 to $47.

The analysts noted that, "the company's reclassification of certain operating expenses, unveiled a level of gross profit 200-300 basis points better than previously reported, even after taking royalty expense into account. We remain Overweight on NUVA, and view the stock as attractive at current levels. We expect the company to prevail on the reimbursement front, with a stream of positive catalysts taking the stock gradually higher throughout the year. Our revised price target is $47."

The analysts said that NuVasive's 4th quarter results and guidance were positive catalysts that should drive the stock higher.

The analysts made changes to their financial model, which brought about the lower price target.