Merit Medical price target lowered to $106 from $112 at Piper Sandler

Piper Sandler lowered the firm’s price target on Merit Medical (MMSI) to $106 from $112 and keeps an Overweight rating on the shares. The firm notes the company announced Q1 results that once again beat at both the top and bottom lines, with the gross margin expansion in the period notable. Unsurprisingly, estimated tariff headwinds and a below-expected start to China dominated much of the Q&A, but Piper likes that there’s a line drawn in the sand on tariffs and that management has maintained its usual conservative approach in setting forward expectations.