Tandem Diabetes initiated with an Equal Weight at Morgan Stanley

Morgan Stanley initiated coverage of Tandem Diabetes with an Equal Weight rating and $45 price target. Tandem’s growth and margins look poised to benefit from the ongoing Mobi launch and expansion into pharmacy and the Type 2 indication, but competitive pressures are mounting and could “more than offset these factors,” says the analyst, who contends that valuation “reflects a sensible balance of risk & reward” at current levels.