Piper Jaffray analyst JP McKim says his analysis of weekly script data suggests the drop-out rate for Abbott's (ABT) Libre is around 40%, or "much higher" than DexCom (DXCM). Further, some of those patients are indeed switching to DexCom's G6, which just launched last week, McKim tells investors in a research note. The analyst views G6 as an important growth driver for DexCom and suspects it will drive accelerating adoption in Type 1 diabetes for continuous glucose monitoring. The McKim has an Overweight rating on the shares with a $93 price target. JPMorgan this morning upgraded DexCom to Overweight.

RBC Capital lowered the firm's price target on Abbott to $125 from $128 but keeps an Outperform rating on the shares. The analyst states that despite a strong Q1 with 10.8% underlying revenue and double-digit EPS growth, the stock was down 3%, which reflects sentiment on the broader MedTech space, where high expectations require a beat and raise for stocks to be rewarded. RBC maintains however that it sees upside potential for Abbott "as 2024 drivers take hold".

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here

Says pipeline contributing at an "accelerated level." Says more opportunities vs. risks going forward. Targeting about 70 bps in gross margin improvement in FY24. Says FX challenges still remain. Says all business segments "super well aligned" to demographics, health care trends.

Unusual total active option classes on open include: Steel Dynamics (STLD), Gildan Activewear (GIL), Danaher (DHR), Altimeter Growth (GRAB), Childrens Place (PLCE), ASML (ASML), US Bancorp (USB), iShares Barclays 7 to 10 Year Treasury Bond Fund (IEF), AMC Entertainment (AMC), and Abbott (ABT).

Check out this morning's top movers from around Wall Street, compiled by The Fly.  HIGHER - Alcoa (AA)... To see the rest of the story go to thefly.com. See Story Here

Worldwide Medical Devices sales increased 14.2% on a reported basis and 14.3% on an organic basis in the first quarter, including double-digit growth in both the U.S. and internationally.

FY24 consensus $4.59. Abbott narrowed its full-year 2024 organic sales growth guidance range, excluding COVID-19 testing-related sales, to 8.5%-10.0%, which represents an increase at the midpoint of the range. Prior view was FY24 organic sales growth, excluding COVID-19 testing-related sales, in the range of 8.0%-10.0%. FY24 revenue consensus $41.99B.

Reports Q1 revenue $10B, consensus $9.88B. "Our first-quarter results reflect a strong start to the year, and we are raising our full-year sales and EPS guidance," said Robert Ford, chairman and CEO, Abbott. "This was the fifth consecutive quarter that we delivered double-digit organic sales growth in our underlying base business, which included particularly strong results in Medical Devices and Established Pharmaceuticals."