In a report released today, Stephanie Piazzola from Bank of America Securities maintained a Buy rating on Irhythm Technologies, with a price target of $225.00.
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Stephanie Piazzola’s rating is based on the continued strong performance of Irhythm Technologies in its core business, alongside opportunities for expansion in its total addressable market and improving profitability. Despite recent concerns over proposed local coverage determinations (LCD) by Medicare Advantage Contractors, Piazzola sees minimal risk to IRTC, as the company is actively engaging with industry partners and regulators to address these issues.
IRTC is working to ensure that the final LCD accurately reflects the distinctions between different monitoring modalities and aligns with FDA-cleared technologies. The company has been proactive in participating in discussions and submitting formal comments to clarify conflicting language in the proposed LCD. This proactive approach, combined with a precedent of similar issues being resolved favorably in the past, supports Piazzola’s confidence in maintaining a Buy rating for IRTC.
In another report released yesterday, BTIG also reiterated a Buy rating on the stock with a $215.00 price target.