IRTC - iRhythm extends gains after adding a new bull at JP Morgan

iRhythm Technologies (IRTC +5.5%) is set to close higher for the third straight session after JP Morgan upgraded the MedTech company to Overweight from Neutral, noting a favorable risk-reward setup. The price target increased to $116 from $100 per share implies a premium of ~16.0% to the last close. iRhythm (NASDAQ:IRTC) is “not the cleanest story in SMid-cap MedTech,” the analysts led by Allen Gong argue, noting the uncertainty surrounding the company’s reimbursement situation related to cardiac monitoring devices. However, the recent updates have narrowed the possible outcomes, restoring confidence in investors to revisit the stock and take a closer look at the momentum in its core business, they added. Key factors supporting the upgrade include the outperformance of iRhythm (IRTC) compared to its SMID-cap peers during the pandemic, the narrative with the new CEO, and the robust home market in symptomatic atrial fibrillation. JP Morgan's upgrade on iRhythm (IRTC)

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iRhythm extends gains after adding a new bull at JP Morgan