Barclays Downgrades Dexcom (DXCM) to Underweight Citing Intensifying Competition in Core Segments

Core Viewpoint - DexCom Inc. is viewed as a strong investment opportunity for 2026, despite recent downgrades and mixed analyst ratings [1][2][3] Group 1: Analyst Ratings and Price Targets - Barclays downgraded DexCom to Underweight from Equal Weight with a reduced price target of $71, down from $80, citing increased competition in core insulin-intensive segments [1] - Bernstein raised its price target for DexCom to $86 from $84 while maintaining an Outperform rating, indicating a positive outlook as healthcare stocks recover [2] - RBC Capital maintained a Buy rating on DexCom with a price target of $85, reflecting confidence in the company's performance [3] Group 2: Market Context and Competition - The healthcare sector is showing signs of recovery after a low point in September 2025, which may benefit DexCom as macroeconomic uncertainties diminish [2] - Intensifying competition in DexCom's primary segments is expected to limit its stock valuation multiple and hinder performance in the near-to-medium term [1]