Masimo Corp. (MASI) PT Lowered to $295 at Piper Sandler; Likes Setup From Here for '21 and '22

March 24, 2021 9:30 AM EDT
Get Alerts MASI Hot Sheet
Price: $234.71 --0%

Rating Summary:
    12 Buy, 7 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 9 | New: 42
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Piper Sandler analyst Jason Bednar lowered the price target on Masimo Corp. (NASDAQ: MASI) to $295.00 (from $310.00) while maintaining a Overweight rating.

The analyst commented, "We recently hosted virtual meetings with MASI management. Shares have struggled ytd (-15% vs. S&P +4%) as profit taking and a “reverse COVID” trade have taken hold, while some investors are taking a wait-and-see approach as the company navigates through tough comps and near-term uncertainty regarding sensor utilization for last year’s bolus of board placements. Near-term sensor visibility notwithstanding, we found the updates from management to be largely encouraging, particularly with respect to the growing number of levers at management's disposal to drive revenue upside here in 2021, as well as with how 2022 already seems to be shaping up. As these factors become better appreciated, we do believe shares will reverse the recent downtrend and move higher off current levels. We reiterate our OW rating on shares and update our price target to $295."

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