DexCom (DXCM) PT Raised to $125 at Oppenheimer
Oppenheimer raised its price target on DexCom (NASDAQ: DXCM) to $125.00 (from $85.00) while maintaining an Outperform rating.
Analyst Steven Lichtman commented, "DexCom's 2Q18 sales of $243M (+41% cc) delivered a strong beat versus our/consensus $202/$206M forecasts, led by robust outperformance in both US and International. US growth accelerated to +35% yoy (vs. our +14% estimate) led by both US commercial and Medicare business; International growth accelerated to +78% yoy (vs. our +38%) driven particularly by DXCM's focused efforts in direct markets. ’18 sales guidance was raised again to $925M (+29% yoy); expense guide was upped on higher sales and the non-recurring G6 production ramp-up costs. DXCM is in discussions with payers about alternate payment models (pharmacy, Medicare-type bundle arrangements, etc.). The recently launched G6 is the near-term focus with new longer-term opportunities including non-intensive Type 2 on track. On raised estimates and peer multiple expansion, our PT rises to $125 from $85."