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On Tuesday, Piper Sandler analyst Adam Maeder increased the price target on Inari Medical (TASE:PMCN) Inc. (NASDAQ:NARI) shares to $80.00, up from the previous target of $52.00, while maintaining a Neutral rating.
The adjustment follows Inari Medical's announcement that it has entered into a definitive agreement to be acquired by Stryker Corporation (NYSE:NYSE:SYK) for $80.00 per share in cash.
The acquisition price of $80.00 per share suggests an enterprise value of approximately $4.8 billion, which equates to around 5.75 times the 2026 consensus revenue. Analysts at Piper Sandler believe the merger between Stryker and Inari Medical is logical, enhancing Stryker's neurology franchise and aligning with the company's expressed interest in expanding into the peripheral vascular sector.
The acquisition does not come as a surprise to industry observers, given Stryker's previously stated intentions to enter this market. Despite the potential for other medical technology companies to have an interest in acquiring Inari Medical, Piper Sandler views the emergence of a higher bidder as unlikely. Therefore, the price target has been adjusted to match the agreed acquisition price.
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