Mizuho Raises DexCom (DXCM) Price Target to $90 from $78 After Earnings Beat

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On February 13, Mizuho analyst Anthony Petrone raised the price target on DexCom, Inc. (NASDAQ:DXCM) to $90 from $78 while maintaining an Outperform rating, citing a favorable post-earnings setup following a quarterly beat that exceeded expectations.

The previous day, DexCom, Inc. (NASDAQ:DXCM) reported fourth-quarter revenue of $1.26 billion, slightly above the $1.25 billion consensus estimate. Management highlighted 2025 as a year of expanded access to continuous glucose monitoring (CGM) solutions and the launch of the Dexcom G7 15 Day System. For 2026, the company guided revenue to a range of $5.16 billion to $5.25 billion, representing projected growth of 11%–13%. Non-GAAP gross margin is expected between 63% and 64%, with an operating margin of approximately 22%–23% and an adjusted EBITDA margin of 30%–31%. Gross margin expansion of 200–300 basis points is anticipated in 2026, driven by lower freight costs, manufacturing efficiencies, and a favorable product mix associated with the G7 15-day platform. The combination of sustained double-digit revenue growth, expanding margins, and operational leverage underscores improving profitability and cash generation, strengthening the investment thesis around durable category leadership in CGM technology.

DexCom, Inc. (NASDAQ:DXCM), headquartered in San Diego, California, is a medical device company specializing in the development, manufacturing, and distribution of continuous glucose monitoring systems for diabetes management. Founded in 1999, the company operates at the intersection of healthcare and connected device ecosystems, positioning it as a central participant in the Internet of Medical Things.

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