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Dexcom Inc Receives Strong Buy Rating as Analyst Raises Price Target

By Don Francis, Editor
July 30, 2023 5:37 AM UTC
Dexcom Inc Receives Strong Buy Rating as Analyst Raises Price Target

Canaccord Genuity's Kyle Rose raised their price target on Dexcom Inc (NASDAQ: DXCM) by 11.11% from $135.00 to $150.00 on July 28, 2023. The analyst maintained their Strong Buy rating on the stock.

According to Rose, the price target increase reflects the impressive second-quarter results delivered by DexCom on July 27, 2023. The company surpassed expectations by reporting higher revenue and earnings. Additionally, DexCom achieved another quarterly record for new patient adds, indicating continued growth in its customer base.

Management's decision to raise the revenue guidance for fiscal year 2023 further supports the analyst's positive outlook. Rose specifically highlights the robust onboarding of basal-only T2 patients as a contributing factor to the company's solid performance in the first half of the year.

Other analysts also revised their ratings and price targets for DXCM on July 28, 2023. Baird's Jeff Johnson raised the price target by 5.52% and maintained a Buy rating on the stock. Piper Sandler's Matthew O'Brien increased the price target by 6.67% and maintained a Strong Buy rating. Raymond James's Jayson Bedford raised the price target by 10.00% and maintained a Strong Buy rating as well.

Currently, 71.43% of top-rated analysts consider DXCM a Strong Buy, while 28.57% label it as a Buy. There are no analysts who suggest holding the stock, and none recommend selling it.

The consensus forecast among analysts is that DXCM will deliver earnings per share (EPS) of $1.15 in the upcoming year. If the analysts' predictions hold true, DXCM's next yearly EPS will increase by 23.17% on a year-over-year basis.

In terms of stock performance, DXCM has seen substantial growth since its last quarterly report. The stock price has risen by 96.65% during this period. On a year-over-year basis, DXCM is up 52.18%. In comparison, the S&P 500 has only increased by 12.52% over the same timeframe, indicating that DXCM has outperformed the broader market.

Canaccord Genuity analyst Kyle Rose is highly regarded by WallStreetZen, ranking in the top 6% out of 4,285 Wall Street analysts. Rose has an impressive average return of 17.72% and a win rate of 54.43%. Their expertise spans across various sectors, including Consumer Defensive and Industrials.

DexCom, Inc. is a medical device company that specializes in the design, development, and commercialization of continuous glucose monitoring (CGM) systems. These systems are used by individuals with diabetes, as well as healthcare providers. DexCom's product portfolio includes the DexCom G6, a comprehensive CGM system for diabetes management, and the Dexcom Real-Time API, which allows third-party developers to integrate real-time CGM data into their digital health applications and devices. The company also offers Dexcom ONE, a replacement for traditional finger stick blood glucose testing, and Dexcom Share, a remote monitoring system. DexCom, Inc. is headquartered in San Diego, California.

Many investors find analysts' recommendations and price targets to be useful data points. However, different investors have different priorities and risk profiles. All investors should conduct their own investment due diligence before buying a stock.

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