Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Shares of NuVasive, Inc. (NASDAQ:NUVA) spiked after the Financial Times named the company as a potential acquisition target.
A deal seems unlikely and, even if a bid is received, there is little opportunity of it being higher than $60 per share, according to Jefferies.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
The Analyst
Jefferies’ Raj Denhoy downgraded NuVasive from Buy to Hold with an unchanged $60 price target.
The Thesis
The NuVasive story remains challenging, with a slowdown in spine and larger players gaining share, Denhoy said in a Tuesday downgrade note.
Although the company’s margins could expand, growth prospects remain bleak — and without them, the stock's valuation appears full, the analyst said.
Want Private Access to Benzinga Analyst?
Check out the latest strategies our team of experts are using every week so that you can always adapt to the market like the pros!—Get FULL Access to This Week's Webinar Here.
NuVasive’s growth has been decelerating steadily over the past several years, Denhoy said. While a sluggish U.S. spine market exerts pressure on NuVasive’s domestic performance, the company continues to witness stiffening competition from new technologies like robotics and larger competitors, he said.
The company has yet to identify an offering that will hold the fort with the waning of the XLIF procedure, which had previously fueled growth, the analyst said.
NuVasive’s initiatives to insource manufacturing are delayed and have not resulted in the expected benefits, Denhoy said, adding that the company may experience gross margin expansion through 2019 “as volumes work through inventory."
Price Action
NuVasive shares were down 0.29 percent at $55.96 at the time of publication Tuesday.
Related Links:
Benzinga's Top Upgrades, Downgrades For February 12, 2019
54 Biggest Movers From Yesterday
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.