UPDATE: Goldman Sachs Reduces PT to $16 on NuVasive on Sales Outlook

Goldman Sachs reiterated its Neutral rating on NuVasive

and lowered its price target from $17 to $16. Goldman Sachs commented, "NUVA shares reacted well to earnings (+12% mid-day vs. the Russell 2000 -0.2%), on management initiatives to reverse negative share trends (the stock was down 44% since the 10/3 pre-announcement as of the 10/23 close, vs -3% for the Russell 2000). Early trends are favorable, with new account capture already realized. It will, however, take time for new reps to ramp productivity, deferring a material improvement in overall sales growth; this is reflected in our revised model that calls for +1% in 1H13 and +9% in 2H13." NuVasive closed at $12.65 on Tuesday.