UPDATE: Canaccord Genuity Raises Target on DexCom to $11.50

Canaccord Genuity maintains its Buy rating on DexCom

and raises its price target to $11.50, up half a dollar, on solid Q4 and a 2012 guidance that is likely conservative. Canaccord Genuity says, "We reiterate our BUY rating following strong Q4/11 revenue results (in-line with preliminary numbers). Revenue guidance was reaffirmed, but we believe it is conservative. Lastly, the completion (and hopeful submission) of the Gen4 IDE trial during the Q1/12 is encouraging as a new product cycle is needed to drive major growth and improve profitability in 2013 and beyond." DXCM closed at $11.19 a share on Thursday.