Read Here Why Did This Analyst Cut DexCom's Price Target

Raymond James has lowered the price target of DexCom Inc DXCM to $486 from $538, Outperform rating unchanged.
The analyst Jayson Bedford says that 1Q revenue was modestly (~1%) higher than our expectation. Still, investors were likely expecting a bit more, particularly in the U.S., as international was the source of upside.
The stock could be soft on this result, but we remain confident in the DXCM story.
G7 remains one of the more important new product cycles in Med Tech in 2022, notes Bedford, which should make for a strong 2H22/2023.
"We also believe the expansion of Dexcom ONE should also be additive to growth. There was little change to our estimates based on DXCM's above-average growth profile supported by a large, under-penetrated TAM.
DexCom reported Q1 sales of $628.8 million, +25% Y/Y (+22% organic), beating the consensus of $623.36 million. There was no change to DXCM's 2022 guidance.
EPS of $0.32 missed the consensus of $0.52.
SVB Leerink maintains Outperform on DexCom, with the price target down to $500.
Piper Sandler keeps Overweight but cuts the price target to $480.
Also, Morgan Stanley maintains Equal-Weight with a price target lowered to $492.
Price Action: DXCM shares are up 1.09% at $417.73 during the market session on the last check Friday.

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