UPDATE: Morgan Stanley Reiterates On Nevro On Improving Margins

In a report published Wednesday, Morgan Stanley analyst David R. Lewis reiterated an Outperform rating on

, and raised the price target from $33.00 to $35.00. In the report, Morgan Stanley noted, “Strong results out of the gate showed upside to both OUS sales and gross margins. Longer-term value creation is more tied to the US launch, which is on track for 1Q16 or earlier. Our price target increases to $35 on stronger OUS traction and better profitability; our bull case moves to $68.” Nevro closed on Tuesday at $30.10.