Adam Gault Citi has upgraded Nevro (NYSE:NVRO) to neutral, citing the recent sell-off in shares following the company’s revised guidance. The investment bank noted that Nevro shares have fallen around 74% year-to-date, adding it believes “there is little near-term optimism baked into the stock and it is likely management was trying to clear the deck with the revised guidance.” Citi said while it's encouraged that the company is \"more urgently\" exploring strategic options, it doesn’t assume that the company will be merged or acquired. “While Citi believes that numbers are adequately set for 2024E, uncertainty remains high, and it awaits more clarity on underlying growth of the U.S. SCS market, competition, and Vyrsa adoption before potentially getting more constructive on the name,” it added.