DexCom upgraded to Outperform from Neutral at Baird

Baird analyst Jeff Johnson upgraded DexCom (DXCM) to Outperform from Neutral with a price target of $104, up from $86. Since DexCom’s “surprising” Q4 shortfall, its new sales reps have steadily made progress, setting the stage for a potential inflection in productivity moving throughout 2025, the analyst tells investors in a research note. The firm says visibility on a couple of potential 2025 and 2026 catalysts has also recently improved, while it is “intrigued” by a G8 potential 2026 catalyst. With these positives, DexCom’s U.S. growth could return to low- to mid-teens by mid-2025, which should be enough to drive the stock’s valuation higher, contends Baird.