DXCM - Why DexCom Stock Dove by 5% Today
2023-09-15 18:11:16 ET
A notable price target cut from an analyst was followed by a dip in the price of DexCom (NASDAQ: DXCM) stock on Friday. Investors traded out of the specialty medical device maker, reducing its value by more than 5%. That was a far steeper decline than the 1.2% slide of the benchmark S&P 500 index.
Raymond James prognosticator Jayson Bedford was the person behind the chop. Before market open, he snipped his DexCom price target to $131 per share from its preceding level of $154. That was the bad news. The good news was that he maintained his strong buy recommendation on the healthcare stock.
Bedford isn't the only analyst who has trimmed his expectations on DexCom lately. Last week, Danielle Antalffy of UBS also lowered her price target significantly, reducing it to $138 from her previous $175. Like Bedford, she remained bullish on the stock, leaving her buy recommendation intact.
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Why DexCom Stock Dove by 5% Today