iRhythm initiated with a Buy at Freedom Capital

Freedom Capital initiated coverage of iRhythm (IRTC) with a Buy rating and $205 price target The company’s Zio Monitor has established itself as a ‘category killer’ over the last decade and leads the market in long-term cardiac monitoring with a 70% share, disrupting the traditional 48-hour Holter monitor, the analyst tells investors in a research note. iRhythm has also “beat-and-raised” the last two quarters as the company has won larger accounts and expanded its sales channels upstream to the primary care market, and while the stock is not cheap on most measures, shares can work higher given the growth story, the firm added.