DexCom reaffirmed as top 2023 pick at Piper Sandler

Piper Sandler analyst Matt O’Brien reiterates an Overweight rating on DexCom with a $150 price target after meeting with management. While margin commentary weighed on the stock following the company’s preannouncement, management indicated they would exit fiscal 2023 at 65% gross margins, O’Brien tells investors in a research note. Additionally, management noted that 60% of their outside the U.S. G7 starts are from outside the platform, which is a good sign for both the business and launch here in the U.S., says the analyst. O’Brien reaffirms DexCom as his top 2023 pick.