Tandem Diabetes Care (TNDM) PT Raised to $60 at Stifel

Stifel analyst Matthew Blackman raised the price target on Tandem Diabetes Care (NASDAQ: TNDM) to $60.00 (from $55.00) while maintaining a Buy rating.

The analyst comments "This morning, TNDM announced Mobi availability with G7 and today's announcement feels ahead-of-schedule to us. TNDM will begin the roll-out over the “next several weeks”; this compares to recent commentary suggesting “...integration with Dexcom G7 later in the second quarter (1Q24 call)”. Most important, we sense there has been some US Pump market pausing -- broadly -- ahead of new sensor integrations, which have weighed on market growth the last couple of quarters. Integration with X2 and now Mobi, provides TNDM another vehicle -- along with X2 -- to tackle this pent-up US demand, potentially driving improving TNDM NRx growth. To that end, while we don't expect positive TNDM NRx growth until 3Q (2024 growth +2%), our -15% 2Q NRx estimate appears even more “do-able”, given we modeled a more-substantial 3Q G7+Mobi roll-out."

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