Leerink initiated coverage of DexCom (DXCM) with an Outperform rating and $110 price target. Recent volatility in the shares has been largely driven by perceived headwinds to growth from broader GLP-1 adoption, but the firm’s work suggests this will have limited impact on DexCom’s ability to sustain double-digit growth over the intermediate term. Further, Leerink believes DexCom will be a net share gainer in 2024 with penetration of the Type 2 basalonly TAM and competitive wins vs. Abbott (ABT) more than offsetting potential headwinds from the latter’s entry into the AID market.
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