BTIG Upgrades DexCom (DXCM) to Buy

October 31, 2016 7:12 AM EDT
Get Alerts DXCM Hot Sheet
Price: $84.16 -1.56%

Rating Summary:
    16 Buy, 9 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 13 | Down: 22 | New: 54
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BTIG upgraded DexCom (NASDAQ: DXCM) from Neutral to Buy with a price target of $92. Analyst Sean Lavin sees an attractive entry.

"When the stock had hit the mid $90s we felt risk reward was balanced with upside to be driven by revenue beats and risk to be around expense control and the 670G launch. In the mid $70s we feel there is more upside on revenue than downside on expenses and that a reasonable 670G launch is baked in with the approval behind us. That approval plus investors being spooked by results in high-valuation Medtech names has provided another attractive entry point. We do not believe the cath lab market which seems to have been weak this summer is a good proxy for DXCM’s results. We do not believe anything fundamental has changed in the last month, which is why we are using our old $92 price target," said the analyst.

For an analyst ratings summary and ratings history on DexCom click here. For more ratings news on DexCom click here.

Shares of DexCom closed at $76.70 yesterday.

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