TransMedics price target raised to $145 from $125 at Piper Sandler

Piper Sandler analyst Matt O’Brien raised the firm’s price target on TransMedics (TMDX) to $145 from $125 and keeps an Overweight rating on the shares. The firm says that monthly organ transplant volumes and the number of flights taken by Transmedics’ medical jet fleet indicate that May was weaker than the record performance set in April, though trends remain on a strong trajectory. Transplant volumes declined mid-single digits month-over-month in May with weakness observed in both liver and heart. Piper believes this will be at least partially offset by continued adoption of machine perfusion, particularly in liver DBD which is good for TransMedics. While it’s still early in Q2, the firm thinks the company is on track to beat consensus sales estimates for Q2, which could continue the stock’s strong momentum seen in recent months.