Wells Fargo analyst Larry Biegelsen maintained a Buy rating on Dexcom (DXCM – Research Report) yesterday and set a price target of $145.00.
Larry Biegelsen has given his Buy rating due to a combination of factors surrounding Dexcom’s financial performance and market prospects. The company reported strong first-quarter earnings, surpassing expectations with a significant increase in revenue and earnings per share, fueled by a record number of new patient starts. This positive momentum is expected to continue, as Dexcom has raised its revenue guidance for 2024, indicating a healthy growth trajectory. The anticipated launch of Stelo, a new non-insulin over-the-counter continuous glucose monitoring product, is also expected to contribute to revenue, offering additional upside potential to the company’s financial forecasts.
Furthermore, Dexcom’s strategic positioning in the basal insulin market is strengthening, with the company on track to increase its market share significantly by the end of 2024. The robust quarterly performance, coupled with raised revenue guidance and the strategic market expansions, underscores confidence in Dexcom’s growth prospects. The analyst’s expectations of continued market share growth and the introduction of new revenue streams, such as Stelo, provide a solid basis for the Buy recommendation. Biegelsen’s analysis reflects optimism about Dexcom’s ability to capitalize on its current momentum and deliver sustained financial growth, justifying the Buy rating for the stock.
Biegelsen covers the Healthcare sector, focusing on stocks such as Abbott Labs, Bausch + Lomb Corporation, and Medtronic. According to TipRanks, Biegelsen has an average return of 10.5% and a 57.05% success rate on recommended stocks.
In another report released yesterday, Citi also reiterated a Buy rating on the stock with a $161.00 price target.
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Dexcom (DXCM) Company Description:
California-based DexCom, Inc. is a medical device manufacturing company. The company designs, develops and focuses on commercialization of continuous glucose monitoring (CGM) systems for ambulatory use by people with diabetes. Its products include DexCom G4 PLATINUM System, DexCom G5 Mobil, DexCom G6, and DexCom Share.
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