NUVA Upgraded to BUY

This article was placed on behalf of the U.S. based equity research effort of institutional broker and investment bank Canaccord Genuity. It was part of a series of articles developed under an agreement with forbes.com to work with a variety of contributors and assist them in delivering actionable investment ideas each week. The site, forbes.com is one of the top 500 sites in the world with nearly 10 million subscribers and approximately 100 million page views a month.

Calling the company a “Top Quality Asset At A Rock Bottom Price”, Canaccord Genuity life sciences analyst William Plovanic upgraded his NuVasive (NUVA) rating to BUY and reiterated his $19 price target on the company. Mr. Plovanic said:

“. . .we believe the valuation at current levels out weighs legal risks that have weighed down the stock. Furthermore, we are resetting our estimates, reflecting the removal of unapproved products (PCM and Attrax), a slower ramp OUS [outside United States] and a more conservative estimate for Impulse Monitoring. As a result, we believe new product approvals, cross-selling opportunities between Impulse and NuVasive’s core business, and an improving international macro environment now add upside to our expectations.”

He added, “. . . we believe NuVasive is the best asset in the space and believe a bid at a much higher price is not out of the question.”

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