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Jefferies Initiating Coverage On DexCom At Buy

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According to Jefferies, DexCom (NASDAQ: DXCM) is initiated with a Buy rating.

Jefferies reported that DexCom offers the Seven Plus Sensor to continuously monitor glucose levels, allowing patients to better manage their glucose levels. “Adoption of CGM technology is still in its infancy with the currently indicated population only 3-5% penetrated. DexCom's device is widely considered to be the best of its kind and competes with only one other company, Medtronic, in the CGM space. We use EV/Sales to value DXCM as profitability is still emerging. We use a multiple of 9.0x, a premium to the 7.5x average comparables multiple rolled forward to 2012 sales for a one-year price target of $17.”

DexCom closed yesterday at $6.47.

Posted-In: dexcom JefferiesAnalyst Color Initiation Analyst Ratings

 

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