Street Research

Piper boosts Tandem target to $60 after surveying Animas patients. Piper Jaffray analyst JP McKim says the "biggest swing factor" to his model for Tandem Diabetes next year is the company's Animas opportunity. After surveying 73 Animas patients "to see how many are still left out there," the analyst is "incrementally more bullish" on the upside opportunity for Tandem. The survey shows that 75% of patients are still on the market for a new pump and 60% are planning to switch in 2019, McKim tells investors in a research note. He believes Tandem's international opportunity looks to be larger than expected with 78% of those patients planning to switch in 2019. Australia is a key market where those Animas patients get a free upgrade to Tandem Diabetes, says McKim. He boosted his price target for the shares to $60 from $56 and keeps an Overweight rating on the name.