DexCom price target lowered to $120 from $132 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on DexCom to $120 from $132 and keeps an Equal Weight rating on the shares. Based on the firm’s channel checks and discussions with corporates, it thinks Medical Technology, or MedTech, fundamentals look solid heading into Q2, with utilization and volumes still running comparatively high across end-markets. While fundamentals and the environment are good, “positioning probably matters more” as the firm suspects idiosyncratic stock positioning and expectations to be “the key driver of price performance on the day, particularly where shorter-duration money is at play,” the analyst added in a preview for the group.