Masimo price target raised to $117 from $70 at Piper Sandler

Piper Sandler raised the firm’s price target on Masimo (MASI) to $117 from $70 and keeps a Neutral rating on the shares. The firm sees the last few months of trading, with shares up 60%, as a good example of share action being disconnected from fundamentals as rising hopes for a Board Room change being a value creating event for investors and a very public USITC “win” against Apple (AAPL) drove an outsized move higher since the Q3 report. That isn’t meant to ignore the benefit that a more stable Healthcare business in Q4 provides to investor confidence and the multiple at which shares should trade, but a 40-times NTM price-to-earnings multiple indicates there’s more at play for the low-double digit earnings compounder, Piper adds.