Masimo initiated with an Equal Weight at Wells Fargo

Wells Fargo analyst Vik Chopra initiated coverage of Masimo with an Equal Weight rating and $173 price target. The analyst likes the predictability of the company’s healthcare business and sees potential upside from new consumer health products in 2024 and beyond. However, the firm expects management to remain distracted with the ongoing proxy contest and sees the uncertainty as “far from over.” The proxy overhang is Wells’ primary source of concern for the stock.