UPDATE: Jefferies Raises Target on Insulet to $24

Jefferies maintains its Buy rating on Insulet (NASDAQ: PODD) and raises its price target to $24 from $21 a share as the company's next generation of pods awaits FDA approval.

Jefferies says, "Insulet closed out 2011 with 4Q sales of $47.2mn, largely in-line with expectations. The company remains in active communication with the FDA on the next gen pod, with approval expected by the end of 1Q/early 2Q. The launch of the next gen pod is anticipated at ADA in June and will have a positive impact on both revenue growth and profitability."

PODD closed at $19.88 a share yesterday.