Wells Fargo analyst Larry Biegelsen double downgraded Tandem Diabetes (TNDM) to Underweight from Overweight with a price target of $49, down from $82. The analyst believes consensus estimates are too high as he sees downside risk to numbers from new competition in all four of Tandem’s key growth lines. The Omnipod 5 from Insulet (PODD) will pressure new patent starts and renewals for Tandem, while Medtronic’s (MDT) 780G will make it tough for Tandem to win conversions from Medtronic given the better than expected feedback on the new product so far, Biegelsen tells investors in a research note.
previous post
next post