UPDATE: Stifel Initiates Coverage on Tandem Diabetes Care on Multiple Growth Drivers

In a report published Monday, Stifel analyst Rick Wise initiated coverage on

with a Buy rating and $30.00 price target. In the report, Stifel noted, “We are initiating coverage with a Buy rating on the shares and a $30 target price. Tandem appears poised for dramatic growth with what we view as a compelling differentiated platform technology, and a highly visible pipeline in the large, growing, and arguably under-penetrated insulin pump market. While these are early days -- Tandem is aggressively expanding its still small sales force -- the company's first commercial product, t:slim, is experiencing solid early uptake. Also, the company's impressive, deep product pipeline -- designed on a single common ‘chassis' -- should allow Tandem to launch a new product every one to two years, each addressing shortcomings of competitor pumps. We expect all this to drive well above-average growth for the foreseeable future.” Tandem Diabetes Care closed on Friday at $24.79.