IRTC - Needham raises iRhythm Technologies to buy on revenue growth; stock up 11%

Needham has upgraded iRhythm Technologies (IRTC +11.5%) from hold to buy citing management commentary providing confidence on revenue growth. The firm has a $135 price target (~25% upside based on Wednesday's close). "Our scenario analysis suggests upside to IRTC's 2022 revenue guidance, leaving room for beat-and-raise quarters throughout 2022," a Needham note stated. "Further, we believe IRTC has a visible path to profitability, potentially reaching adj. EBITDA breakeven as early as 4Q22." Seeking Alpha's Quant Rating for iRhythm (IRTC +11.3%) is a hold.

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Needham raises iRhythm Technologies to buy on revenue growth; stock up 11%