FMP
Oct 2, 2023 4:16 PM - Davit Kirakosyan(Last modified: Dec 19, 2023 5:49 PM)
Image credit: FMP
Jefferies analysts upgraded Insulet (NASDAQ:PODD) shares from Hold to Buy, with a revised price target of $240 per share, down from the previous target of $260. As a result, shares gained more than 5% intra-day today.
The analysts mentioned that the upgrade is an opportunistic move due to the underperformance of PODD linked to concerns regarding GLP-1. They noted that while the previous rating had been Hold primarily due to valuation, they have always been positive about Insulet's product offerings, particularly its disposable patch pump, which enjoys a competitive edge due to its discreet and user-friendly design.
The analysts highlighted the benefits of disposability, allowing diabetes patients to try PODD at no initial cost, making it a "pay as you go" option. They also pointed out that the advantages of the disposable patch pump appear to be durable, given Insulet's significant first-mover advantage in this segment of the market.
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