Redburn Atlantic analyst Issie Kirby initiated coverage of DexCom with a Neutral rating and $130 price target. The company’s core markets have become increasingly penetrated, and its growth is now more reliant on capturing share in new areas, the analyst tells investors in a research note. While DexCom’s transition to a 15-day sensor should benefit margins, this is partly offset by pricing and commercial investments, contends the firm. It believes the company’s premium valuation already reflects its growth outlook.
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