Citi analyst Joanne Wuensch downgraded Tandem Diabetes to Neutral from Buy with a price target of $33, down from $45. The company reported “another tough quarter and significant guidance revision,” the analyst tells investors in a research note. Given competitive launches and a pause in t:slim purchases as patients await Mobi, management cut 2023 revenue guidance and talked down 2024, says the firm. Citi believes “this leaves a credibility gap on guidance,” as it had thought that the 2023 guidance was conservative with upside potential from new products.
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