RBC starts DexCom with Outperform on multi-year runway

RBC Capital analyst Shagun Singh initiated coverage of DexCom with an Outperform rating and $165 price target. DexCom is a global medical technology company focused on treating diabetics with its “best-in-class” continuous glucose monitors, the analyst tells investors in a research note. The firm sees “substantial opportunity” for continuous glucose monitor total addressable market expansion aided by innovation, indication and geographic expansion, and measurements beyond glucose. DexCom has a multi-year runway ahead and is poised to be among the fastest-growing large-cap med tech companies with immediate catalysts in Stelo and GLP-1 adoption, contends RBC.