Canaccord Genuity analyst John Young CFA has reiterated their bullish stance on MMSI stock, giving a Buy rating on July 31.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
John Young CFA has given his Buy rating due to a combination of factors that highlight Merit Medical Systems’ robust performance and potential for future growth. Despite a temporary setback with the reimbursement process for Wrapsody, the company’s core business remains strong, as evidenced by a significant increase in revenue and adjusted earnings per share, which surpassed both the firm’s and market expectations.
The company’s strategic management and diversified product portfolio have demonstrated resilience, with notable growth in its cardiovascular and endovascular segments. Additionally, the management’s proactive approach to addressing the reimbursement issue and their commitment to engaging with CMS to resolve it further bolster confidence in the company’s future prospects. Overall, the solid financial performance and strategic initiatives underpin the Buy rating, reflecting optimism about the company’s ability to navigate challenges and capitalize on growth opportunities.
According to TipRanks, Young CFA is an analyst with an average return of -9.3% and a 33.33% success rate. Young CFA covers the Healthcare sector, focusing on stocks such as Merit Medical Systems, Staar Surgical, and AngioDynamics.
In another report released on July 31, Piper Sandler also maintained a Buy rating on the stock with a $105.00 price target.