DexCom: Sensing more upside as T2 NIT and 15-day keep compounding; Initiate at Buy

研报英文原文证据摘录

DexCom: Sensing more upside as T2 NIT and 15-day keep compounding; Initiate at Buy

Deutsche Bank

Research

Rating Company Date

Buy DexCom 23 June 2026

Initiation of Coverage

North America

United States

Reuters Bloomberg Exchange Ticker Price at 18 Jun 2026 (USD) 72.47

DXCM.OQ DXCM US NMS DXCM

Price Target 86.00

Health Care

52-week range 89.53 - 54.84

Medical Supplies & Devices

Sensing more upside as T2 NIT and 15-

Valuation & Risks day keep compounding; Initiate at Buy

Kieran Ryan

Portfolio Manager Summary Research Associate

n We initiate on DXCM shares with a Buy rating and $86 target price +1-212-250-6879

reflecting a 16x 2027 EV/EBITDA target multiple.

Pito Chickering

n After a volatile last two years post the big drawdown on 2Q24 results, we Research Analyst

believe DXCM shares could be turning a corner as its recent investor day +1-917-635-9954

and accompanying LRP have eased fears around the level and durability of

Imron Zafar

its and the broader CGM market’s user and revenue growth outlook.

Research Analyst

n The US growth story has been noisy over this time despite generally strong +1-212-250-3676

user growth as multiple headwinds and narratives have muddied the

Ben Shaver

waters, whether that be maturing core markets, share loss to ABT, quality

Research Associate

concerns, or price/mix pressure from the channel shift toward pharmacy.

+1-212-250-9926

n As we detail in the report we believe many of these overhangs have or are

starting to fade which alongside continued solid performance from its core

type-1 and type-2 intensive segments aided by further PCP adoption,

substantial runway in the fully covered basal population, and most notably

near-term CMS coverage in type-2 non-insulin which will double DXCM’s