iRhythm price target raised to $160 from $130 at Morgan Stanley

Morgan Stanley raised the firm’s price target on iRhythm (IRTC) to $160 from $130 and keeps an Overweight rating on the shares. The firm says a a quick look at iRhythm’s Q2 app downloads points to upside risk versus Street estimates. The majority of Zio patches driving the company’s Q2 revenue have already been prescribed, providing a good read of the quarter, the analyst tells investors in a research note. Downloads of the MyZio app in Q2 totaled 171,169, up 74% years-over-year and up 36% versus Q1, Morgan Stanley notes. It continues to believe iRhythm is an attractive asset to own both nearer and longer term.