BofA raised the firm’s price target on Merit Medical to $92 from $87 and keeps a Neutral rating on the shares after the company reported Q2 results and raised FY24 EPS essentially by the Q2 beat. WRAPSODY U.S. approval is the key catalyst for the stock now that the PMA has been submitted, says the firm, which thinks there may be smaller catalysts in the interim, such as data read out at two conferences this Fall, but thinks material upside from here may be challenging until the market learns more on WRAPSODY given Merit’s premium valuation relative to peers.
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