Piper Jaffray analyst JP McKim said Tandem Diabetes' (TNDM) and Abbott's (ABT) announcement that they are exploring a diabetes management closed loop system is the first step in a process that he believes will need at least 10 months, and likely more, to result in an integrated product coming to market. While he does not know if this announcement implies integration with the Libre 2.0 or Libre 3.0, his "gut is most likely Libre 3.0" but he views the news as a positive for Tandem "either way." The news will likely have a negative read-through for DexCom (DXCM), added McKim, who expects a similar announcement from Insulet (PODD) about working with Abbott as well. McKim keeps an Overweight rating and $80 price target on Tandem shares.