iRhythm price target lowered to $185 from $225 at Oppenheimer

Oppenheimer lowered the firm’s price target on iRhythm (IRTC) to $185 from $225 and keeps an Outperform rating on the shares following quarterly results. The firm notes there were no additional DOJ requests after December CID, and views these concerns as overblown. Further, Oppenheimer highlights that there was no update on MAC ACM LCDs, FY26 guide was bumped by Q1’s $5M beat, Zio-MCT resubmission is not altering first half of 2027 launch timeline, Nextgen algorithm is a key to significant OpEx leverage within the model, AI predictive identification algorithm is another growth lever being tested, and by the firm’s math, Zio-AT growth slowed as it “anniversaried” the PHG recall.