William Blair Assigns Outperform On Dexcom Shares
In a research report issued today, William Blair analyst Ben Andrew assigned an Outperform rating on Dexcom (NASDAQ:DXCM). No price target was provided.
Andrew observed, “We visited institutional investors in Europe last week with Steve Pacelli, executive vice president–strategy and corporate development. We came away from the meetings enthusiastic about the trajectory of adoption of the G4 Platinum, as well as the approval timing and impact of the DexCom Share and future generation sensors.”
The analyst concluded, “Starter kit placements, patient consistency of usage and retention, plus replacement hardware trends are all trending positively, and we recently raised our product revenue target for this year from $224 million to $235 million (50% growth), the high end of management’s updated guidance. With the approval and launch of DexCom Share and two next-generation sensors (G5 and G6) over the next few years, we believe DexCom is capable of remaining the market leader in CGM and driving penetration markedly higher than the domestic market’s 10% today.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Ben Andrew has a total average return of 9.7% and a 84.6% success rate. Andrew has an average return when recommending DXCM, and is ranked #1119 out of 3293 analysts.