PiperJaffray Reiterates Overweight, $31 PT On Masimo

In a note out today, PiperJaffray reiterated an overweight rating and $31 price target on medical device maker Masimo

. That price target implies more than 50% upside from where the shares currently reside. Masimo recently participated in PiperJaffray's annual healthcare conference. “Masimo's CFO, Mark de Raad, provided a favorable business update, describing reaccelerating business trends in November (new contracts and higher volumes), despite continued business head-winds. Management described expectations for longer-term benefits from the recent sensor upgrade, new resposable sensor launch (mid-2012) and continued progress with OEM adoption of Rainbow,” PiperJaffray said in a note.