Masimo Q2 Revenue Outlook Miss; Citigroup Bullish On BeiGene
- July 18th, 2023
- 342 views
Shares of Masimo Corporation (Nasdaq: MASI) experienced a significant drop of over 20% in after-hours trading following the release of preliminary revenue results that fell below expectations.
The company anticipates its consolidated revenue for the second quarter of 2023 to range from $453 million to $457 million, which is notably lower than the consensus estimate of $553.23 million.
In response to the disappointing Q2 revenues, Masimo is implementing cost-cutting measures for the second half of the year.
$MASI was trading at $110.00, down $37.16 (-25.25%) in after-hours
In other news, BeiGene, Ltd. (Nasdaq: BGNE), a leading biopharmaceutical company specializing in cancer treatment, received coverage initiation from Citigroup with a Buy rating and a price target of $275.
Based on Monday's closing price of $197.90, the indicated price target suggests a potential upside of $77.10 or approximately 38.87% for $BGNE, according to the investment firm's analysis.
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