In a report released yesterday, Matthew Taylor from Jefferies reiterated a Buy rating on Dexcom (DXCM – Research Report), with a price target of $105.00.
Matthew Taylor has given his Buy rating due to a combination of factors that demonstrate Dexcom’s strong market position and growth potential. The company has successfully navigated supply chain challenges from the previous year, and the continuous glucose monitoring (CGM) market remains robust, with promising developments such as increased coverage and new product integrations. Taylor highlights Dexcom’s expanding prescriber base and the significant increase in new patient starts, which suggest a positive trajectory for the company’s sales efforts.
Moreover, Dexcom’s strategic focus on expanding its market penetration, particularly in the insulin-treated patient segment, is expected to drive further growth. The anticipated FDA approval and launch of the G7 15-day system, along with advancements in their Stelo program and future G8 product, are seen as potential catalysts for revenue and margin expansion. Given these factors, Taylor has raised the price target for Dexcom, reflecting confidence in the company’s ability to capitalize on these opportunities and deliver strong financial performance.
In another report released today, Citi also maintained a Buy rating on the stock with a $104.00 price target.