UPDATE: Citigroup Downgrades Masimo Corporation to Sell

Citigroup lowers its rating on Masimo Corporation MASI to Sell from Neutral and lowers its price target to $20 from $21 on utilization challenges. Citigroup says, "2012 is unlikely to get easier for MASI after a tough 2011 where we saw further margin erosion and limited technology adoption among hospital customers. Software updates and the Pronto-7 re-launch also won't fix larger headwinds tied to reprocessed sensors and difficult admission trends for the core pulse-oximetry business." MASI closed at $21.81 a share on Thursday.