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CVRx price target lowered to $12 from $20 at Piper Sandler

Piper Sandler analyst Matt O’Brien lowered the firm’s price target on CVRx (CVRX) to $12 from $20 and keeps an Overweight rating on the shares. The firm notes the company reported Q1 results that were in line with the pre-announcement. Management primarily attributed the miss to sales force realignment that was more substantial than initially anticipated. CVRx also lowered full year sales guidance by more than the miss in the quarter. Piper believes the new guidance is fairly set but there is no lay-up as it still anticipates some productivity improvement through year-end.

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