Analyst Larry Biegelsen of Wells Fargo maintained a Hold rating on Merit Medical Systems (MMSI – Research Report), with a price target of $81.00.
Geoff Meacham has given his Hold rating due to a combination of factors related to Merit Medical Systems’ financial performance and forthcoming company updates. The preliminary revenue for 2023 indicates growth, surpassing both Wells Fargo’s estimate and the consensus figure. Specifically, the revenue is projected to have increased by 9.8% on a constant currency basis, which is notably higher than Wells Fargo’s estimate of 8.8% growth. This positive trajectory suggests a robust fourth quarter, which may be a contributing factor to the Hold rating, as current performance is in line with expectations.
However, Merit Medical Systems has not yet provided detailed profit and loss insights or guidance for the year 2024, which is likely contributing to the Hold recommendation. This absence of forward-looking financial data may present uncertainties that prevent a more bullish rating, such as Buy or Outperform. The Hold rating implies that while the company’s recent reported performance is solid, investors may want to wait for the comprehensive end-of-year financials and future outlook before making further investment decisions.
See today’s best-performing stocks on TipRanks >>
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
Merit Medical Systems (MMSI) Company Description:
Merit Medical Systems, Inc. engages in the manufacture and market of proprietary disposable medical devices. It operates through Cardiovascular and Endoscopy segments. The Cardiovascular segment consists of peripheral intervention, cardiac intervention, interventional oncology and spine, and cardiovascular and critical care product groups. The Endoscopy segment integrates advanced non-vascular stent technology with balloon dilators, inflation devices, guide wires, procedure kits, and other devices that are used by gastroenterologists, endoscopists, pulmonologists, and thoracic and general surgeons. The company was founded by Fred P. Lampropoulos, Darla Gill, Kent W. Stanger and William Padilla in July 1987 and is headquartered in South Jordan, UT.
Read More on MMSI:
- Merit Medical Announces Projected Preliminary Unaudited Revenue for the Year Ended December 31, 2023 and Plans to Announce Fourth Quarter and Year End 2023 Results and Issue Fiscal Year 2024 Guidance on February 28, 2024
- Merit Medical upgraded to Buy from Hold at Canaccord
- Merit Medical announces process for CEO succession planning
- Merit Medical Announces Process for Chief Executive Officer Succession Planning
- Merit Medical management to meet with Oppenheimer
