Masimo Corp . (NASDAQ:MASI) shares are down over 4.5% Tuesday after reports emerged on Monday evening regarding the firm's trade secrets lawsuit against Apple (NASDAQ:AAPL).
The reports state that six jurors favor a defense verdict for Apple, while one juror is a holdout favoring Masimo, with Reuters saying the case ended in a mistrial.
Reacting to the news, BTIG analysts, who have a Buy rating and $200 price target on MASI, said that while they suspect shares may have run higher in recent weeks on speculation of a potentially favorable outcome, "it is somewhat unclear to us how much in monetary relief was baked into shares."
"After this trial, investors may shift focus to the International Trade Commission (ITC) investigation between the two companies (investigation 337-1276)," they added.
Raymond James analysts, who have an Outperform rating on MASI stated that the mistrial eliminates the splashy near-term catalyst, but value drivers still exist.
"While acknowledging that the mistrial eliminates/defers a potential near-term sentiment driver, we continue to believe there are various paths to additional value creation," they wrote. " We believe it is now up to MASI (the plaintiff) to decide if they want to pursue another trial."