Merit Medical Systems Had A Solid Q3, But This Analyst Has Lowered The Price Target On The Stock
Portfolio Pulse from Nabaparna Bhattacharya
Needham analyst Mike Matson has reiterated a Buy rating on Merit Medical Systems, Inc. (NASDAQ:MMSI) but lowered the price target from $96 to $81. Despite a solid Q3 2023 performance, the company is undergoing a turnaround after facing challenges with acquisitions and a declining operating margin. Matson expects revenue and EPS growth to improve, and management is implementing a plan to increase the operating margin and cash flow. The price target was lowered due to a downward revaluation of the company's peers.
October 27, 2023 | 7:10 pm
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Merit Medical Systems' price target has been lowered by Needham analyst Mike Matson from $96 to $81, despite a strong Q3 2023 performance.
The news of the lowered price target could have a neutral impact on MMSI's stock price in the short term. While the company had a strong Q3 2023 performance, the analyst's decision to lower the price target due to a downward revaluation of the company's peers could create some uncertainty among investors. However, the reiterated Buy rating and the expectation of improved revenue and EPS growth could offset any potential negative impact.
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