UPDATE: Canaccord Genuity Reiterates Buy Rating, Raises PT on Insulet Corporation

In a report published Friday, Canaccord Genuity reiterated its Buy rating on Insulet Corporation

, and raised its price target from $24.50 to $29.00. Canaccord Genuity noted, “We are reiterating our BUY rating on Insulet and naming it one of our top growth picks for 2013. We believe a new product cycle could not only drive accelerating revenue growth, but also result in significant improvements in operating results. Furthermore, already operating cash flow positive in Q4/12, we believe the company is well positioned to become FCF positive in 2013 and EPS positive in 2014.” Insulet Corporation closed on Thursday at $21.23.