Piper Jaffray analyst JP McKim maintained an Overweight rating and $157 price target on DexCom shares after the company's first ever analyst day. During the event, management laid out 2023 financial targets which did not provide enough upside/excitement to push the stock higher, and shares fell 6%. The analyst views the company differently, stating "they are indeed moving to a software-like company away from just providing the most accurate CGM chart to managing the entire diabetes patient population," and believes this longer term value is why he remains a buyer of the stock.

Canaccord analyst William Plovanic raised the firm's price target on DexCom to $145 from $144 and keeps a Buy rating on the shares. The firm said they reported a slight;ly better than expected Q1 as the company raised the low-end and mid-point of its revenue guidance and reiterated its adjusted GM/OM/EBITDA margins for 2024.

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Pre-earnings options volume in DexCom is 11.4x normal with calls leading puts 11:2. Implied volatility suggests the market is anticipating a move near 5.8%, or $8.05, after results are released. Median move over the past eight quarters is 5.4%.