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Investing.com - Canaccord Genuity has raised the price target on iRhythm Technologies (NASDAQ:IRTC) to $193.00 from $170.00 while maintaining a Buy rating on the stock. The company’s stock has shown remarkable strength with a 134% return over the past year, despite a recent 7.5% pullback last week, according to InvestingPro data.
The price target increase reflects both higher revenue expectations and an increase in the mean comparison group multiple, according to Canaccord Genuity.
The firm updated its 2026 revenue estimate for iRhythm Technologies to $843 million from the previous estimate of $828 million, while maintaining its loss per share estimate of ($0.34).
Canaccord Genuity indicated that the updated forecast better reflects volume and pricing trends in iRhythm’s business.
iRhythm Technologies specializes in ambulatory cardiac monitoring technology used to detect arrhythmias. While currently unprofitable, the company maintains a healthy gross profit margin of nearly 70%. Get access to 8 more exclusive InvestingPro Tips and comprehensive analysis in the Pro Research Report.
In other recent news, iRhythm Technologies reported strong financial results for the second quarter of 2025. The company posted an adjusted net loss of $0.32 per share, which was better than the anticipated loss of $0.51 per share. Revenue for the quarter was $186.7 million, exceeding expectations and representing a 26.1% increase compared to the same period last year. In terms of analyst coverage, BofA Securities initiated coverage on iRhythm with a Buy rating and a price target of $200.00, highlighting the company’s innovative Zio system for cardiac monitoring. Meanwhile, Evercore ISI also began coverage with an In Line rating, projecting consistent mid-teens topline growth over the next five years. However, iRhythm faced challenges as Spruce Point Capital Management issued a short report, expressing concerns about the company’s cardiac monitoring products and management credibility. The report suggested a potential long-term downside for the stock. These developments provide a multifaceted view of iRhythm’s current market situation.
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