iRhythm price target raised to $120 from $105 at Oppenheimer

Oppenheimer analyst Suraj Kalia raised the firm’s price target on iRhythm (IRTC) to $120 from $105 and keeps an Outperform rating on the shares after meeting with management. The firm came back buoyed at long-term prospects on the name. Its key takeaways include Zio use in PCP channel helping unclog hospital systems especially for false positives in asymptomatic patients; Zio AT share at about 7% provides ample share gain opportunity; margin expansion on the horizon to help the bottom line; DOJ headwind unlikely to subside before May; and complementarity of this asset to larger strategics cannot be overstated.