Shares of DexCom (NASDAQ: DXCM) surged higher on Friday, rising as much as 10.6%. At the end of the trading day, the stock was still up 7.3%, even as the broader market indexes crumbled.

The catalyst that sent the medical device maker higher was a pending decision by Medicare that could be a game changer.

Piper Sandler analyst Matt O'Brien raised his price target on DexCom to $120, up from $110, while maintaining an overweight (buy) rating on the shares. This would represent a 17% gain compared to Thursday's closing price. 

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Source Fool.com