NuVasive releases $62.5M from escrow following appeals court ruling NuVasive announced the release of $62.5M from a restricted escrow account in relation to NuVasive's trademark dispute regarding the NeuroVision trade name. In January 2011, an unfavorable judgment in the amount of $60M plus attorney fees and costs was entered against NuVasive relating to its use of the NeuroVision trade name. NuVasive subsequently entered into an escrow arrangement and transferred $62.5M into a restricted escrow account to secure the judgment. In reversing the judgment against NuVasive, the Ninth Circuit Court of Appeals remanded the case for a new trial and instructed the court to assign a different judge. The plaintiff has not appealed the Court of Appeals' ruling and NuVasive has now secured the release of the $62.5M from the restricted escrow account.
On The Fly: Analyst Upgrade Summary Today's noteworthy upgrades include: CyrusOne (CONE) upgraded to Buy from Hold at Stifel... MGIC Investment (MTG) upgraded to Conviction Buy from Buy at Goldman... NuVasive (NUVA) upgraded to Outperform from Market Perform at Wells Fargo... Phillips 66 (PSX) upgraded to Outperform from Neutral at Credit Suisse... Pinnacle Foods (PF) upgraded to Buy from Hold at Deutsche Bank... Rayonier (RYN) upgraded to Outperform from Sector Perform at RBC Capital.. Thoratec (THOR) upgraded to Outperform from Market Perform at Wells Fargo... Volcano (VOLC) upgraded to Outperform from Neutral at Credit Suisse... Progressive Waste (BIN) upgraded to Neutral from Underperform at Macquarie... Clean Harbors (CLH) upgraded to Outperform from Neutral at Wedbush... McGraw Hill Financial (MHFI) upgraded to Buy from Hold at Benchmark Co... Chesapeake (CHK) upgraded to Outperform from Market Perform at Bernstein... American Science & Engineering (ASEI) upgraded to Fair Value from Sell at CRT Capital... Sony (SNE) upgraded to Overweight from Equal Weight at Morgan Stanley.
NuVasive upgraded to Outperform from Market Perform at Wells Fargo Wells Fargo upgraded NuVasive to Outperform after attending last week's North American Spine Society annual meeting. Wells believes the worldwide spine market continues to improve and that NuVasive is well positioned to capitalize on the momentum. The firm raised its price target range for shares to $50-$52 from $43-$44.