Citi upgraded iRhythm Technologies to Buy from Neutral with a price target of $110, up from $85. The analyst believes there are several steps which could provide upside to estimates and multiple expansion, positioning iRhythm well for 2024. Most importantly is the resolution of the FDA warning letter, with management having reached an agreement with the FDA to submit two 510Ks, including one that should be on file before year end, the analyst tells investors in a research note. In addition, the firm expects 2024 to be a year of more focused profitability for iRhythm. Citi upgraded the shares and named iRhythm a top pick.
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