UPDATE: Wunderlich Securities Reiterates Buy Rating, Raises PT on Insulet Corporation
In a report published Wednesday, Wunderlich Securities reiterated its Buy rating on Insulet Corporation (NASDAQ: PODD), and raised its price target from $22.00 to $24.00.
Wunderlich noted, “We are raising our price target on Insulet (PODD) to $24 from $22, reflecting the impressive market share gains witnessed in recent quarters. We continue to believe that PODD is gaining as much as one-third of new insulin pump converts, clearly an encouraging trend in light of the company's current 10% market share of the insulin pump market. We believe that upcoming approval of the EROS, the next-generation OmniPod, should accelerate PODD's share gains in the insulin pump market, and should drive significant gross margin improvement as well. We believe upcoming approval of EROS offers an attractive near-term catalyst, but recent market share trends suggest a more exciting longer-term story than we were originally counting on.”
Insulet Corporation closed on Tuesday at $20.88.
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Tags: Wunderlich Securities