Initiating on Dexcom With No Moat and Negative Moat Trend
Despite Dexcom’s well-established track record for introducing the most precise sensors for use in its continuous glucose monitors, the firm’s main focus on enhancing accuracy of its CGM performance may not be enough to fend off competition. As tougher competition has entered the picture, we think Dexcom must contend with a negative moat trend. We peg Dexcom's fair value estimate at $55 per share and think shares are fully valued.At this point, we do not think Dexcom has dug itself a moat. Dexc...
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