Masimo price target raised to $117 from $81 at Wells Fargo

Wells Fargo raised the firm’s price target on Masimo (MASI) to $117 from $81 and keeps an Equal Weight rating on the shares. The firm notes Masimo pre-announced 2023 results earlier this week, while also issuing preliminary 2024 revenue guidance. In 2024, the company is updating its non-GAAP financial measures to exclude the impact of all expenses related to its litigation against Apple (AAPL). Masimo had previously only excluded the expenses related to the U.S. ITC litigation against Apple, but is now excluding all of the Apple litigation expenses, Wells adds.