Truist analyst Richard Newitter lowered the firm’s price target on iRhythm to $80 from $117 and keeps a Buy rating on the shares as part of a broader research note previewing Q3 results for the MedTech sector. While the firm believes that any hurricane related headwind call-outs for Q4 will generally get “a pass” from investors, it could cause companies with elective or deferrable procedure areas to see more muted guide increases, the analyst tells investors in a research note. For the stock, Truist contends that a valuation discount is justified given increased uncertainty around regulatory approvals, and commentary at recent investor conferences suggesting there could be a longer approval timeline for MCT – mobile cardiac telemetry – to contribute in 2025 and beyond.
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