Barrington Research upgraded Merit Medical Systems, Inc. (NASDAQ: MMSI) from Market Perform to Outperform with a price target of $22.00.

Analyst Michael Petusky said, "We are increasing our EBITDA estimates for each of the next three years and are reducing our net debt assumption for the company. As a result, we are upgrading shares to OUTPERFORM from MARKET PERFORM. Our price target is $22 is based on attaching a 12x multiple to our 2016 EBITDA estimate. Our price target also assumes approximately $155 million in net debt by the end of 2016."

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Shares of Merit Medical Systems, Inc. closed at $19.24 yesterday.