Craig-Hallum analyst Alexander Nowak lowered the firm’s price target on Tandem Diabetes to $50 from $74 after taking a review of the financial model after current checks, new competitive launches and a look back to Q1 commentary on forward financials. As a result, the firm is lowering its estimates and now comes in below guidance for the full year. Craig-Hallum believes that after Q1 earnings, the implied Q2 guide and hindsight review, it requires a very steep second half of the year ramp to hit targets. Parsing through the commentary post-Q1 earnings, the firm now anticipates Q2 sales to be around $190M versus its previous $200M-plus target. Craig-Hallum keeps a Buy rating on the shares.
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Published first on TheFly
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