Piper Sandler Sees Good Setup for DexCom (DXCM) Stock, Recommends Purchase

Piper Sandler analyst Matt O'Brien reiterated an Overweight rating and $100.00 price target on DexCom (NASDAQ: DXCM).

The analyst commented: "We believe the setup for shares of DXCM is good into the Q3 print and recommend investors buy the stock. Concerns around G7 quality issues have investors expecting a light top-line performance, which is being exacerbated by perceived “soft” ABT (covered by Maeder) results this quarter. We do not believe the G7 issues are impacting prescription patterns from docs, and then the ABT results were good off a strong comp and some idiosyncratic growth “pull-forward” during the first half of the year. DXCM is facing an easy comp in Q3, and we believe the market for CGM remains strong. Consequently, we expect the company will at least meet and likely beat Q3 revenue estimates. Couple that view with a stock that is trading at its lowest valuation level in years (and below the Q2’24 pullback) and we believe the setup for the stock is compelling at these levels."

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 $68.43 yesterday.

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