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Fly News Breaks for July 13, 2017
ABT, DXCM
Jul 13, 2017 | 10:43 EDT
Canaccord analyst Kyle Rose said it is "hard not to view today's news" of a partnership with Bigfoot Biomedical as a big win for Abbott (ABT) and a disappointing loss for incumbent partner Dexcom (DXCM). While the loss of Bigfoot is unlikely to fundamentally impact Dexcom over the near term, Rose thinks investors will view it negatively since this news eliminates a potentially key pump partner for Dexcom and give's Abbott's Libre strategy a "strong backing," he tells investors. The analyst has a Buy rating and $90 price target on Dexcom shares.
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