UPDATE: Benchmark Company Initiates Coverage on Insulet Corporation with Buy Rating, $44 PT Following Strong Response to New OmniPod

In a report published Tuesday, Benchmark Company analyst Jan Wald initiated coverage on

with a Buy rating and $44.00 price target. In the report, Benchmark Company noted, “We are initiating coverage of Insulet with a Buy rating and $44 price target. Our view is supported by the strong response to the new OmniPod, which we believe will drive continued growth. Inventory was tight while the company was running one manufacturing line, but the third line is now active and should allow the company to rebuild inventory and provide for the remainder of the no-cost conversion for existing patients. We believe that greater customer retention, better market penetration as evidenced by new prescribers and improved margins from the new OmniPod insulin pump should drive upside in the shares.” Insulet Corporation closed on Monday at $35.94.