iRhythm initiated with an Overweight at Wells Fargo

Wells Fargo analyst Nathan Treybeck initiated coverage of iRhythm with an Overweight rating and $150 price target. iRhythm is a leading player in the $2B U.S. arrhythmogenic cardiomyopathy market for arrhythmias and holds potential to nearly double its market penetration by 2027, the analyst tells investors in a research note. The firm expects the company can expand beyond its current 30% penetration of cardiologists and electrophysiologists and that primary care expansion will continue to be a meaningful driver of volume growth.