Masimo Corp. (MASI) PT Raised to $285 at Stifel

Stifel analyst Rick Wise raised the price target on Masimo Corp. (NASDAQ: MASI) to $285.00 (from $283.00) while maintaining a Buy rating.

The analyst commented, "It was hard to leave Masimo’s better-than-expected 1Q21 results and positive post-release call commentary, feeling anything but highly-encouraged about the 2021 outlook. Underlying business momentum seems clearly-healthy with better-than-expected 1Q21 results across all key metrics (sales/sales growth, gross margin, board shipments, EPS), pushing higher full-year 2021 sales/EPS guidance. Period sales grew 10% despite a challenging 1Q20 comp (+17%). Gross margin sequentially improved 260bp as the business returns to a more-normal mix of higher-margin sensors. The now-larger installed monitoring base, including COVID-driven excess 2020 purchases, is being utilized, helping drive 3% sequential sensor growth despite hospitals “burning-down” higher-than-normal inventory levels. Positive progress continues to be made on recent acquisitions and new, incremental product/market opportunities. CEO Kiani clearly signaled the potential for more incremental new products in 2021. Altogether, we think the stage is potentially set for additional positive sales guidance revisions in 2021, and solid HSD-DD growth in 2022 and beyond."

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