Piper Jaffray analyst Brooks West reiterated an Overweight rating and raised his price target on DexCom (NASDAQ: DXCM) to $100.00 (from $93.00) on German reimbursement and positive FDA Panel.

West commented, "DexCom reported $137.3M (+47%) in 2Q16 revenue, ahead of consensus $132.5M but below the magnitude of recent top-line beats. DXCM raised FY16 revenue guidance to $550-$575M from ~$543-$563M, which we also think fell short of investor expectations. We note that the revised guidance range implies meaningful deceleration in 2H from ~53% in 1H to ~36%, a sign of conservatism, in our view. DXCM posted a net loss of $0.24 (vs. cons. -$0.10) on elevated costs related to the transmitter recall from earlier this year and elevated investments in long-term growth initiatives. DXCM announced a favorable reimbursement decision for CGM in Germany. While investors continue to digest the potential impact of the recent positive panel, we believe the process will prove to be a net positive as DXCM should be able to establish a high hurdle for potential CGM competitors. Reiterate OW, PT to $100 from $93."

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 $92.78 yesterday.