Tandem Diabetes initiated with an Outperform at Bernstein

Bernstein initiated coverage of Tandem Diabetes (TNDM) with an Outperform rating and $42 price target The firm says innovation is driving accelerated insulin pump market growth. It believes there’s a durable segment of users who value the freedom to detach or disconnect from their pump on occasion, and says Tandem offers a “growing portfolio of strong options for these users.” Tandem has been a pioneer in pump interoperability and algorithm development with Basal-IQ and Control-IQ, the analyst tells investors in a research note.