On Tuesday, Stifel sustained a positive outlook on Masimo Corp . (NASDAQ:MASI), maintaining a Buy rating and a $170.00 price target for the company's stock. The firm's stance comes in the wake of Masimo's announcement of its preliminary second-quarter 2024 results, which surpassed expectations, particularly in the Healthcare sector.
Masimo Corp. reported a robust preliminary performance for the second quarter of 2024, which notably exceeded both the consensus estimates and the company's own guidance for the quarter. The Healthcare division's success was a key highlight, indicating a strong fundamental trajectory for this area of the business.
Additionally, the company experienced a surge in driver shipments during the quarter, outperforming its projections. This achievement further underscores the positive momentum observed in Masimo's operational results.
The maintained Buy rating and price target by Stifel reflect confidence in Masimo's business direction and potential for continued growth. The analyst's remarks highlight the significance of the company's latest performance metrics, suggesting a favorable fundamental direction for Masimo's Healthcare business moving forward.
Masimo Corp.'s stock price target remains unchanged at $170.00, as the company's second-quarter achievements provide a solid foundation for future financial expectations. The maintained rating and target by Stifel offer a clear perspective on the firm's valuation of Masimo's stock in light of recent developments.
In other recent news, Masimo Corp's second-quarter revenues exceeded expectations, particularly in the Healthcare segment, reaching $344 million, a 22% year-over-year reported growth. However, the non-healthcare revenue experienced a decline, posting $152 million. BTIG reaffirmed its Buy rating on the company's stock, awaiting the full second-quarter results before updating its forecast model.
Piper Sandler upgraded Masimo's stock from Neutral to Overweight, reflecting improvements in the company's core healthcare business. Meanwhile, Masimo is in active discussions to sell a majority stake in its consumer business, potentially valued between $850 million to $950 million, which has led to the company raising its guidance for healthcare revenues and non-GAAP EPS.
Masimo's Chief Operating Officer, Bilal Muhsin, has disclosed a conditional resignation, contingent upon the removal of Joe Kiani as Chairman of the Board and Chief Executive Officer. The company is also opposing a takeover bid by Politan, urging shareholders to vote for the reelection of its founder, Joe Kiani, and director nominee Christopher Chavez. These are the recent developments within Masimo Corporation.
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