TransMedics price target lowered to $120 from $160 at Piper Sandler

Piper Sandler analyst Matt O’Brien lowered the firm’s price target on TransMedics (TMDX) to $120 from $160 and keeps an Overweight rating on the shares. The firm notes the company reported Q1 results with sales falling just shy of consensus estimates. Management reiterated its full year revenue guidance despite the soft market backdrop, which will likely pressure the stock but this management team has proven its ability to execute when investors thought they could not in the past, so Piper is inclined to give them the benefit of the doubt. The firm recommends investors take advantage of a pullback as it remains confident in the company’s trajectory.