Lake Street downgraded Tandem Diabetes (TNDM) to Hold from Buy with a price target of $12, down from $75, as a new analyst assumed coverage. While the analyst appreciates “the valuation is compelling” and thinks the company should probably demand a higher multiple, shares may be range-bound until faster U.S. growth, competitive share-taking and gross margin improvement to support AEBITDA profitability are seen.
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