UPDATE: Brean Murray Carret Maintains Buy, Lowers PT to $24 on Masimo Corporation

Brean Murray Carret maintains its rating of Buy on Masimo Corporation MASI and lowers its price target to $24 from $27 as bar seems low for Q4. Brean Murray Carret says, "After several miscues during 2011, management guided Q4 to assume only 10% growth, which reflected a very cautious outlook on HC utilization given a slow start in October. Recent management commentary strongly suggests the company did in fact see its typical, strong seasonal finish and softness did not persist. GM guidance of 64% reflected short run costs for the X-Cal sensor, but looks to us to be a conservative "worst case" type of assumption." MASI closed at $19.90 per share on Thursday.