Tandem Diabetes initiated with a Neutral at Mizuho

Mizuho initiated coverage of Tandem Diabetes (TNDM) with a Neutral rating and $20 price target The firm’s neutral stance reflects both the bullish feedback from its recent physician surveys that call for ongoing insulin pump category share gains from multiple daily injections and the expectations that more conversions will go to competition over the next two years, the analyst tells investors in a research note. Regarding competitive dynamics, Mizuho’s sample of doctors sees Tandem losing an incremental 100bps exiting 2025, reflective of higher patient preference for competing patch-pump versus tubed-pump form factors, the firm adds.