Tandem Diabetes price target lowered to $74 from $80 at Craig-Hallum

Craig-Hallum lowered the firm’s price target on Tandem Diabetes to $74 from $80 and keeps a Buy rating on the shares given a tough 2022 for the company. Following five years of rapid gains, Q4 results bring total 2022 revenue growth in at 15%, the firm notes. A layer beneath the top-line numbers, U.S. new pump growth was -9% year-over-year. The stock has understandably been punished for this declining sales growth and the last several quarters of earnings misses has shaken investor confidence, Craig-Hallum adds. The firm notes that Q4 was a bit more of a "boring" quarter, which it thinks investors will partially welcome.