Tandem Diabetes Care (TNDM) PT Raised to $40 at Stifel

Stifel analyst Matthew Blackman raised the price target on Tandem Diabetes Care (NASDAQ: TNDM) to $40.00 (from $37.00) while maintaining a Buy rating.

The analyst comments "To the extent our TNDM survey/upgrade last month left questions unanswered, Volume 3 tells a more-complete/more-compelling story. Our upgrade was predicated on better-than-appreciated Mobi adoption, and that with Mobi, TNDM can grow new patients (NRx). Survey Volume 3 provides two new confirmatory data points for our NRx growth thesis: (1) 2023 TNDM NRx share in these practices was ~32% (approximating -- we think -- 2023 overall TNDM NRx share); (2) 2024 NRx (X2+Mobi) is expected at 45%, +13 points Y/Y. In our upgrade, we raised 2024 NRx growth from 0% to 2%, with this survey read-out providing further evidence – in these practices – that share will grow Y/Y. The growth magnitude is hard to quantify, but anything above zero will move the stock higher. This is not a 1Q call (5/2/24) – full Mobi release started Mid-February – so we don't expect visible 1Q evidence of our NRx growth thesis, but do expect supportive management “commentary."

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