UPDATE: Stifel Downgrades Tandem Diabetes Care (TNDM) to Hold
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(Updated - November 2, 2016 10:59 AM EDT)
Stifel downgraded Tandem Diabetes Care (NASDAQ: TNDM) from Buy to Hold with a price target of $3.50 (from $15.00).
Analyst Rick Wise commented on the rating change, saying, "We are downgrading TNDM shares to Hold from Buy following a more disappointing than expected 3Q16 earnings performance and now sharply lower implied 4Q guidance. Multiple factors driving increased near-term uncertainty are making TNDM highly difficult to model. The most significant and most incremental headwind is the much larger than anticipated negative impact the MDT 630/670G product launch/approval is having on the market. Simply put, the prospect of these new competitive offerings – in particular the 670G (Spring 2017 launch) – are causing diabetic patients to hold off committing to any new pump system (and other diabetes technologies) until they are able to more fully assess these MDT offerings."
Shares of Tandem Diabetes Care closed at $5.35 yesterday.
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