Shares of iRhythm Technologies Inc. (IRTC) are soaring 16.28% in Friday's trading session, following a wave of analyst upgrades and increased price targets. The medical technology company, known for its innovative cardiac monitoring devices, has captured the attention of several prominent financial institutions, leading to a surge in investor confidence.

Multiple Wall Street firms have revised their outlook on iRhythm Technologies, with significant increases in price targets across the board. Wells Fargo led the charge by raising its target price to $180 from $130, while JP Morgan and BTIG both set new targets of $190, up from $145 and $165 respectively. Canaccord Genuity increased its target to $170 from $139, and Baird raised its target to $180 from $160 while maintaining an Outperform rating. Oppenheimer also joined the chorus, boosting its target price to $175 from $130.

While specific reasons for the analysts' increased optimism were not detailed in the available reports, such widespread upward revisions often indicate positive expectations for a company's financial performance, market position, or growth potential. The collective upgrades suggest growing confidence in iRhythm's business model and future prospects in the cardiac monitoring market. Investors will be closely watching iRhythm's upcoming performance to see if it can meet these heightened expectations and justify the significant stock price increase.