UPDATE: BMO Capital Markets Downgrades NuVasive to Underperform on Outlook

BMO Capital Markets reduced its rating on NuVasive NUVA from Market Perform to Underperform and lowered its price target from $23 to $15. BMO Capital Markets noted, "This is the third year in a row that it has missed in the 3Q, and this time there seem to be multiple forces contributing to the disappointing results. In addition, it is unclear to us when and if the problems will be resolved. Finally, when NUVA blows up, which it is prone to do, unfortunately, it usually becomes a multi-event downtick for the shares before they bottom." NuVasive closed at $22.62 on Wednesday.