iRhythm price target lowered to $134 from $145 at Truist

Truist analyst Richard Newitter lowered the firm’s price target on iRhythm to $134 from $145 and keeps a Buy rating on the shares as part of a broader research note previewing Q2 results in the MedTech sector. Across the market cap, there continues to be crowding in the strongest growth stories with a widening performance and valuation gap between “haves” and “have nots”, but while this could create some profit-taking, dips in these names will get bought if fundamentals are moving in the right direction, the analyst tells investors in a research note. For iRhythm, the firm contends that while the company can post modest Q2 revenue upside, it needs to be a “clean” result with no surprises and with Warning Letter remediation timeline targets unchanged for the stock to break out.