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Piper Sandler maintained its Overweight rating and $100.00 price target on DexCom (NASDAQ:DXCM) Wednesday following a survey of diabetes educators. According to InvestingPro data, the company’s current market capitalization stands at $33.1 billion, with analysts’ price targets ranging from $82 to $110.
The research firm surveyed 32 diabetes educators on various diabetes technology topics, finding that continuous glucose monitoring (CGM) continues to experience rapid growth, with strong adoption among basal insulin users, which benefits both Abbott and DexCom. This aligns with DexCom’s solid revenue growth of 9.1% over the last twelve months and projected 14% growth for fiscal year 2025.
The survey indicated DexCom is expected to gain additional market share among basal insulin patients over the next 18 months, which Piper Sandler believes should provide a significant revenue boost for the company.
Piper Sandler expressed the most favorable view toward DexCom among diabetes technology companies, citing its "reasonable" valuation, particularly on an EBITDA basis.
The firm also noted that DexCom has a "favorable" financial outlook for the year, supporting its maintained Overweight rating and $100.00 price target.
In other recent news, DexCom has been the focus of several analyst updates and financial assessments. BTIG raised its price target for DexCom to $109, citing a 14% year-over-year organic growth in first-quarter revenue, which exceeded expectations at $1.036 billion. RBC Capital Markets maintained an Outperform rating with a $100 price target, emphasizing DexCom’s potential to exceed its 2025 financial targets, particularly with expanded U.S. Pharmacy Benefit Manager coverage. Meanwhile, Canaccord Genuity increased its price target to $106, highlighting DexCom’s strong U.S. sales and potential in the Type 2 non-insulin market. However, Bernstein lowered its price target to $88 due to a revised price-to-sales multiple, while still holding an Outperform rating, acknowledging risks such as competition and supply chain issues. Goldman Sachs initiated coverage with a Buy rating and a $104 price target, focusing on DexCom’s growth potential and profit leverage. These recent developments reflect a mix of optimism and caution among analysts regarding DexCom’s market position and financial outlook.
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