iRhythm price target raised to $193 from $180 at Needham

Needham analyst David Saxon raised the firm’s price target on iRhythm (IRTC) to $193 from $180 and keeps a Buy rating on the shares. The firm is citing its recent calls with a cardiologist and an electrophysiologist about ambulatory cardiac monitoring, including one doctor’s high volume practice considering moving over to iRhythm from BioTel, the analyst tells investors in a research note. Needham adds that the feedback suggests consumer monitoring technologies are likely more of a tailwind in the near-term, with iRhythm’s push into the PCP channel driving market expansion.