Masimo price target raised to $210 from $200 at Piper Sandler

Piper Sandler analyst Jason Bednar raised the firm’s price target on Masimo (MASI) to $210 from $200 and keeps an Overweight rating on the shares. The firm notes the company announced Q2 revenue of $370M/+7% cc in line with Street’s $369M, a minor victory considering perceived risk tied to the cybersecurity incident that negatively affected order fulfillment during May. The only question being circulated ties to incremental contracting being down year-over-year, but Piper finds it hard to give this too much negative weight when considering contract backlog still expanded nicely year-over-year.