Merit Medical Systems

MMSI · NASDAQ

$91.18+$1.22 (+1.36%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $89.96

MMSI analyst rating

BuyConsensus of 8 analysts over the last 12 months. 75% rate it a buy.

Strong buy0
Buy6
Hold2
Underperform0
Sell0

12-month price target · 13 analysts

Average $103.48 (+13.5% upside)

Low: $83.83
Now: $91.18
High: $129.15

Upgrades and downgrades

The latest rating actions, newest first

MMSI analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Needham	Sep 29, 2026	Maintains	Buy	$101.00	45%
B of A Securities	Aug 13, 2026	Maintains	Neutral	$92.00 → $97.00	66%
BTIG	Aug 11, 2026	Maintains	Buy	$105.00	40%
Canaccord Genuity	Aug 3, 2026	Maintains	Buy	$85.00 → $94.00	58%
JP Morgan	Jul 31, 2026	Maintains	Overweight	$77.00 → $95.00	56%
Piper Sandler	Jul 31, 2026	Maintains	Overweight	$96.00 → $106.00	43%
Wells Fargo	Jul 31, 2026	Maintains	Equal-Weight	$74.00 → $83.00	54%
Needham	Jul 31, 2026	Maintains	Buy	$90.00 → $101.00	45%
BTIG	Jul 31, 2026	Maintains	Buy	$100.00 → $105.00	40%
Canaccord Genuity	May 1, 2026	Maintains	Buy	$90.00 → $85.00	58%

The case for and against

Updated Oct 14, 2026

Bull case

Merit Medical Systems is positioned to benefit from sustained mid-single-digit or better organic growth, supported by a strong cardiovascular portfolio, new product launches such as WRAPSODY, and tuck-in acquisitions that broaden its therapeutic mix. The company appears on track to meet or exceed its February 2024 Continued Growth Initiatives targets, with consensus implying a 6.6% organic CAGR, a 2026E operating margin of 21.2%, and $634M of cumulative free cash flow versus the original $400M goal. Management’s longer-term plan for 2027E-2029E should still support margin expansion and robust cash generation, while rising free cash flow creates flexibility for M&A and share repurchases.

Bear case

Merit Medical Systems is facing a negative fundamental setup because the expected operating improvement is narrow and depends heavily on gross margin expansion, while SG&A still rises from 26.2% of sales in 2023A to 27.0% in 2026E, limiting leverage. The bear case already assumes revenue growth of 5% or lower from weaker acquisition contribution and unsuccessful new product launches, which could drive further margin contraction and below-consensus earnings, especially with added risks from China tenders, pricing pressure, and commercial execution. Although 1Q26 free cash flow was $25M and net leverage stayed at 1.6x, free cash flow guidance of at least $200M in 2026 trails 2025 and 2024, reinforcing concerns that profitability and cash generation may remain under pressure.

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