Fly News Breaks for March 26, 2019
Mar 26, 2019 | 05:21 EDT
Piper Jaffray analyst JP McKim says he's fielded a lot of investor questions with shares of DexCom (DXCM) down 16% over the last three trading days. The crux of the selloff is Abbott's (ABT) Libre 2.0 and whether it gets interoperable continuous glucose monitoring and if so, what that does to volumes and price, McKim tells investors in a research note. The analyst sees little risk to DexCom's volumes for given the market inflection for continuous glucose monitoring, but adds that if Libre gets iCGM "payers maybe push a little harder on price." McKim admits that "headline risk is building around the approval" but keeps an Overweight rating on DexCom shares with a $165 price target. Libre 2.0 getting iCGM is not fully priced in the stock at this point, but some of that risk certainly is, says McKim.
News For DXCM;ABT From the Last 2 Days
Jul 18, 2019 | 08:55 EDT
Jefferies analyst Raj Denhoy raised his price target for Abbott Laboratories to $98 from $80 saying the company's growth story is "still going strong" following its Q2 results. The quarter is more proof that the pharma exit and medtech "double-down" was right move, Denhoy tells investors in a research note. Despite Abbott's "strong" current momentum, each product cycle is still in early innings, adds the analyst. He keeps a Buy rating on the shares.