BofA/Merrill analyst Travis Steed upgraded Tandem Diabetes to Neutral from Underperform and raised its price target to $45 from $2. Steed is no longer concerned about the balance sheet and believes the company has a multi-year window with a superior product that will driver 20-30% growth, but most of these tailwinds are reflected in valuation. The analyst said pump renewals are becoming a contributor and Tandem is moving into international markets, offsetting the Animas void.
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