Why DexCom Inc Stock Is Trading Higher After Earnings
Portfolio Pulse from Erica Kollmann
DexCom, Inc. (NASDAQ:DXCM) reported strong Q3 results with a 27% YoY revenue growth to $975.0 million and increased its fiscal year revenue guidance to approximately between $3.575 and $3.6 billion. The company also announced a $500 million share buyback program. Morgan Stanley analyst Patrick Wood maintained DexCom with an Equal-Weight and raised the price target from $98 to $101. Shares of DXCM are up on heavy trading volume.
October 27, 2023 | 3:33 pm
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POSITIVE IMPACT
DexCom's strong Q3 results and increased fiscal year revenue guidance, along with the announcement of a $500 million share buyback program, have led to a rise in its stock price. Morgan Stanley has maintained an Equal-Weight on DexCom and raised the price target.
DexCom's strong Q3 results and increased fiscal year revenue guidance indicate a positive financial performance, which is a strong driver for stock price increase. The announcement of a $500 million share buyback program also signals the company's confidence in its stock, which can further boost investor sentiment. Additionally, the raised price target by Morgan Stanley provides a positive outlook for the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100