Piper Jaffray analyst William Quirk raised his price target on Masimo to $94 after its Q1 earnings beat and raised guidance for FY18, saying the company's driver shipments in the quarter reflects the ongoing strength of its Signal Extraction Technology - SET - business. The analyst further cites the management's commentary that growth was evident in both the U.S. and the overseas markets while also pointing to the company's expected stock buybacks being favored over large M&A deals. Quirk keeps his Neutral rating on Masimo, stating that despite the better than expected results, the company's risk-reward is balanced at current levels.