Wedbush Raises Price Target on Masimo Corp. (MASI) to $75 Following Investor Meeting
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Wedbush reiterated an Outperform rating on Masimo Corp. (NASDAQ: MASI), and raised the price target to $75.00 (from $67.00), after hosting investor meetings. Wedbush believes that the Philips settlement may represent one of three most important events in the company’s history, with the other two being the inclusion of Masimo into GPO contracts in 2002 and the Nellcor patent settlement in 2006.
Analyst Tao Levy commented, "We hosted investor meetings with Masimo’s CFO in San Francisco and had the opportunity to discuss the recently signed Philips settlement, 3Q16 earnings results, and some of the company’s future growth opportunities. Overall, we came away incrementally more positive on the company’s ability to exceed expectations, and view MASI as one of MedTech’s better positioned SMID-cap growth companies. Furthermore, despite MASI’s share price hovering near all-time highs, we believe the shares can appreciate further."
Shares of Masimo Corp. closed at $61.17 yesterday.
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