UPDATE: J.P. Morgan Color On NUVA Target Increase

J.P. Morgan, which raised its PT on shares of NuVasive, Inc. NUVA, is providing color on the stock. “NuVasive reported strong 1Q results Wednesday after the close, with revenues of $124.5M (+20.9%) coming in $1.1M above our estimate and $1.4M better than consensus,” J.P. Morgan writes. “Encouragingly, this upside was driven by the company's core US lumbar business, suggesting that fundamentals may have bottomed despite ongoing pushback from payers. On the bottom line, adjusted EPS of $0.24 were $0.05 above both our forecast and the Street, as a lower tax rate and reduced R&D helped to boost earnings.” NuVasive closed Wednesday at $30.60.