Merit Medical price target lowered to $96 from $106 at Piper Sandler

Piper Sandler lowered the firm’s price target on Merit Medical (MMSI) to $96 from $106 and keeps an Overweight rating on the shares. The firm says it is recasting its Merit revenue build to align with the new reporting structure that management has referenced in past public appearances and reflected in the recently filed 8-K. Note that Piper’s core growth rates for Merit are essentially unchanged as it has updated for this new reporting structure.