Tandem Diabetes Care (TNDM) PT Raised to $57 at Oppenheimer

Oppenheimer analyst Steven Lichtman raised the price target on Tandem Diabetes Care (NASDAQ: TNDM) to $57.00 (from $54.00) while maintaining an Outperform rating.

Lichtman commented, "Following a pre-announced 3Q18 beat and raised 2018 guidance, TNDM held its inaugural Investor and Analyst Day yesterday in CA. Management highlighted details around a new regulatory strategy to develop an iPump designation to enable increased interoperability with iCGM/algorithms and faster to market innovation; the initial benefit could be t:sport timelines which were pulled forward to 2H20E (late-2020/early-2021 previously). Management also laid out its long-term goals for International which is off to a better than expected start and targets a 25% long-term operating margin goal. Raised 2018 guidance still appears conservative to us and we see long-term upside potential from t:sport as more details emerge on that new platform. The near-term pipeline remains on-track with Basal-IQ rolling out now and Control-IQ targeted for summer-2019 launch."

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