02:25 PM EDT, 04/11/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our target price by $7 to $36 applying a wider risk premium and a forward P/S of 2.75x, just above the 2.5x peer average. TNDM is a a leading global insulin delivery and diabetes technology company. We view 2024 as a growth year as TNDM expands and rolls out its automated insulin delivery system. We think TNDM has the best insulin pump offering in the U.S. However, competitor DexCom recently launched its next generation device, G7, and Abbott launched Freestyle Libre 2. TNDM's next generation product is its Tandem Mobi (t:sport) pump, which is half the size of the t:slim X2 and is intended to support pump control from a mobile app. Tandem Mobi received FDA clearance in 2023. Management is confident new product releases in 2024 will lead to 10% Y/Y sales growth to $850 million. TNDM expects the Mobi pump for diabetes care to be a lead contributor to the long-term gross margin target of 65%. TNDM ended 2023 with $468 million in cash and cash equivalents, and total debt outstanding of $285 million.