Analyst Patrick Wood of Morgan Stanley maintained a Buy rating on Irhythm Technologies, retaining the price target of $195.00.
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Patrick Wood has given his Buy rating due to a combination of factors that highlight Irhythm Technologies’ growth potential and strategic initiatives. The company’s focus on expanding its market share in the Mobile Cardiac Telemetry (MCT) space is a significant driver, with management aiming to increase their share from 12% to 25-35%. This expansion is expected to generate substantial incremental revenue, as every 10% increase in market share could add approximately $100 million annually.
Additionally, Irhythm Technologies has demonstrated strong clinical data and cost-effectiveness, as evidenced by recent trial results. The AMALFI trial showed that their Zio technology can detect arrhythmias faster and more efficiently than traditional methods, which supports its adoption in home settings. Furthermore, the company’s strategic efforts to onboard primary care physicians and expand into larger accounts are expected to sustain momentum and drive future growth. These factors collectively underpin Patrick Wood’s positive outlook and Buy rating for the stock.
Wood covers the Healthcare sector, focusing on stocks such as Medtronic, Irhythm Technologies, and TransMedics Group. According to TipRanks, Wood has an average return of 0.1% and a 59.84% success rate on recommended stocks.
In another report released on September 4, BTIG also reiterated a Buy rating on the stock with a $190.00 price target.