Tandem Diabetes price target lowered to $62 from $71 at Barclays

Barclays analyst Matt Miksic lowered the firm’s price target on Tandem Diabetes to $62 from $71 and keeps an Overweight rating on the shares. The company’s reduced second half of 2023 outlook and tempered baseline growth expectations starting at 10% for 2024 were unexpected, the analyst tells investors in a research note. However, the firm sees the potential for Tandem to “turn the corner in a significant way” in the second half of the year amid excitement over the newly approved Mobi and sensor integration.