UPDATE: Wunderlich Securities Downgrades Insulet Corporation to Hold, Reiterates $28 PT as Shares Exceed Price Target

In a report published Friday, Wunderlich Securities analyst Greg Simpson downgraded the rating on

from Buy to Hold, but reiterated the $28.00 price target. In the report, Wunderlich Securities noted, “We are downgrading the shares of Insulet (PODD) to Hold from Buy, as the shares have exceeded our recently raised price target. PODD shares have appreciated significantly year-to-date, reflecting the late 2012 FDA approval, and early signs of strong market acceptance, of the next-generation OmniPod insulin pump. We remain positive on the prospects for Insulet, and the likelihood that the new OmniPod will continue to drive strong market share gains going forward. But with the shares having eclipsed our recently raised $28 price target, we are moving to the sidelines.” Insulet Corporation closed on Thursday at $30.28.