Tandem Diabetes price target lowered to $40 from $43 at UBS

UBS lowered the firm’s price target on Tandem Diabetes (TNDM) to $40 from $43 and keeps a Neutral rating on the shares. Despite “another quarterly beat and raise,” which the firm identifies as the company’s third consecutive such report, shares traded down, which the firm blames on “still unclear” upside conviction. The firm thinks the beat and raise suggests Tandem has “fully turned the corner,” and that fundamentals “should only continue to improve from here,” but it remains on the sidelines until it has more conviction in “sustainable drivers of sales upside,” the analyst says.