Masimo price target lowered to $86 from $136 at Needham

Needham lowered the firm’s price target on Masimo to $86 from $136 after its results and due to peer multiple contraction but keeps a Buy rating on the shares. The company’s Q3 revenue missed estimates and the management again lowered its 2023 projections, the analyst tells investors in a research note. Masimo’s Healthcare business is being hurt by delays in larger orders, lower sensor utilization, the end of sensor discounting, slower conversions of new customers, and decreased capital equipment demand, while its Consumer business is being hurt by a slump in consumer spending on audio equipment, the firm added.