Tandem Diabetes rises as Piper Sandler upgrades rating

Shares of diabetes technology company Tandem Diabetes Care TNDM.O rise ~4.29% to $22.85 premarket

Piper Sandler upgrades TNDM to "overweight" from "neutral" rating, citing improved pharmacy pricing benefits and growing international direct market opportunities

Brokerage says there is meaningful upside to revenue estimates over the next three years, which will push stock higher

Expects the co's new tubeless Mobi product to boost pump shipments in the coming years and help TNDM regain market share.

Piper Sandler raises PT to $33, a 50.6% upside on stock's last close

11 of 24 brokerages rate the stock "buy" or higher, 13 "hold"; their median PT is $27.50 - LSEG data

As of last close, stock down ~0.3% YTD