UPDATE: Goldman Sachs Reiterates Neutral Rating, Raises PT on NuVasive on 4Q2012 Revenue

In a report published Wednesday, Goldman Sachs reiterated its Neutral rating on NuVasive

, and raised its price target from $18.00 to $20.00. Goldman Sachs noted, “NuVasive reported 4Q2012 revenue of $165.8mn (+10% yoy), which was a little better than the pre-announced expectation of $164.5mn. Adjusted EPS of $0.34 (+25% yoy) was well above our $0.27 estimate and consensus at $0.21, as lower R&D expense, taxes and share count, as well as higher ‘Other' income, offset heightened SG&A spending. Management reiterated 2013 sales guidance of $655mn (initially announced January 9; Street at $647mn; GSe at $660mn prior), and issued a preliminary adjusted EPS forecast of $1.00 (current consensus of $0.90; GSe at $0.81 prior). Our 2013-2016 EPS estimates increase materially, as slightly lower sales estimates are more than offset by an improving EBIT margin profile.” NuVasive closed on Tuesday at $18.42.