IRTC - iRhythm Technologies initiated at overweight at Wells Fargo on US market penetration

• Wells Fargo has initiated iRhythm Technologies ( NASDAQ: IRTC ) with an outperform rating saying it has the potential to double its US penetration in the ambulatory cardiac monitoring market ("ACM") by 2027.
• The firm has a $150 price target (42% upside based on Monday's close).
• Analyst Nathan Treybeck noted that the company's patch monitors, Zio XT and Zio AT, have good patient compliance and provide important metrics for physicians.
• He added that the products' artificial intelligence capabilities also significantly aid healthcare practitioners.
• Zio XT is the leading device in long-term/extended segment ACM, with Treybeck saying this area will grow in the mid-high teens through 2025.
• He added he believes iRhythm ( IRTC ) could expand its penetration of cardiologists and electrophysiologists which stands at 30% now. Also, the company could exceed its primary care physicians goal of 20% penetration by 2027.
• Treybeck wrote that iRhythm ( IRTC ) trades at a discount to peers with similar growth potential.
• Read why Seeking Alpha contributor Zach Bristow considers iRhythm ( IRTC ) a hold.

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