Tandem Diabetes initiated with a Neutral at UBS

In a sector note on U.S. Medical Supplies and Devices, UBS initiated coverage of Tandem Diabetes with a Neutral rating and $45 price target. The firm has low conviction and limited visibility into upside potential to consensus estimates with competition and a dwindling competitor conversion opportunity in the U.S. driving sustained headwinds, the analyst tells investors in a research note. The firm is modeling an 11.1% sales CAGR for the next five years vs. what was a nearly 50% sales CAGR delivered over the prior five years.