Masimo upgraded to Overweight from Equal Weight at Wells Fargo

Wells Fargo analyst Vik Chopra upgraded Masimo to Overweight from Equal Weight with a price target of $160, up from $117. The analyst views the company’s announcement that it is exploring strategic options to separate its consumer business as a positive catalyst for the shares. Investors “have never come around” to the Sound United deal, and a separation will allow Masimo to focus on its core healthcare business, the analyst tells investors in a research note. As such, the firm sees potential for multiple expansion over time as the company works through strategic options.