DexCom (DXCM) PT Lowered to $132 at Stifel

Stifel analyst Mathew Blackman lowered the price target on DexCom (NASDAQ: DXCM) to $132.00 (from $145.00) while maintaining a Buy rating.

The analyst commented: "Ahead of DXCM's Stelo and ABT's Rio/Lingo US launches, we: (1) revisit our early physician survey work on T2 Non-Insulin (T2NIT) CGM penetration/utilization/share expectations; (2) introduce a new data point demonstrating higher-than-we expected wearable biosensor interest from US non-Diabetics; (3) revisit our DXCM DCF to assess how much we think “Stelo” is baked-in to valuation. We acknowledge it is early and much is still unknown that could change the "interest" levels we set here as baselines, namely price. But, our still-expanding diligence identifies material interest in CGM not only from T2s, but also from healthy US Consumers. We will continue to update these metrics, and others, to track/gauge Stelo adoption trends. Bottom-line: DXCM shares appear “stuck-in-the-mud” as investors digest CGM competitive dynamics. But, we think the constructive non-Insulin/non-Diabetic feedback we've captured so far juxtaposed vs. current expectations/valuation suggest Stelo's launch could provide the upside needed to push DXCM shares higher."

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