ICU Medical price target raised to $136 from $134 at KeyBanc

KeyBanc analyst Brett Fishbin raised the firm’s price target on ICU Medical to $136 from $134 and keeps an Overweight rating on the shares post Q4 on higher cash. The firm was encouraged by Q4 results and initial 2024 guide, and believes ICU is starting to show tangible signs of progress as part of a broader turnaround. More specifically, Q4 dynamics were consistent with Q3 commentary, withe margins reflecting previously disclosed H/Ws; KeyBanc believes 2024 guide represents a step in the right direction, particularly around rev growth; and the firm remains confident in ICU’s ability to realize significant value from the combination over time.