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IRTC - iRhythm: Reimbursement Overhang Squashed Bull Thesis Back Intact
iRhythm Technologies Inc.
iRhythm shares have near-to-medium-term upside yet to be priced with the market unfairly discounting its forward sales outlook.
The overhang from reimbursement rates has now largely settled, and we are buyers at these current levels based on the economic outlook for the company.
We see multiple upside targets at the $166–$175 mark, leading us to price IRTC at $175, seeking a return objective of 16% or $24/share.