Masimo price target raised to $125 from $85 at Stifel

Stifel raised the firm’s price target on Masimo to $125 from $85 and keeps a Hold rating on the shares. The firm updated its model to reflect the company’s preliminary Q4 results and initial 2024 guidance after Masimo pre-announced better-than-expected preliminary Q4 revenues. This is reversing the recent “disappointing” quarterly trend following two below-consensus sales quarters, notes the analyst, who views the pre-announcement favorably and “as an early sign that Masimo could be heading in a more positive fundamental direction.”