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Fly News Breaks for July 26, 2019
Jul 26, 2019 | 05:27 EDT
Piper Jaffray analyst Matt O'Brien lowered his price target for Merit Medical Systems to $58 from $75 after the company reported Q2 results that fell short of expectations and also reduced its gross margin and earnings outlook for 2019. Management reiterated its 2020 financial metrics but assuming it can reach those targets, they will factor off a condensed base, meaning the absolute numbers will be lower, O'Brien tells investors in a research note. The analyst anticipates the stock will be "down significantly" at the open and likely fully reflect all of the negative disclosures made last night. O'Brien sees a "reasonable entry point" at current share levels and keeps an Overweight rating on Merit Medical.