Tandem Diabetes price target lowered to $20 from $27 at TD Cowen

TD Cowen lowered the firm’s price target on Tandem Diabetes (TNDM) to $20 from $27 and keeps a Buy rating on the shares. The firm notes that as part of its Q2 report, Tandem reduced its 2025 U.S. sales guidance to $700M from $725M-$730M, citing its commercial transformation as well as increased U.S. competition, which the company feels is likely to cause “pausing” in the second half of 2025. While TD Cowen continues to like Tandem’s portfolio and pipeline, especially longer term, it expects concerns about U.S. competition to loom over the stock in the second half of 2025.