BTIG Upgrades Insulet Corporation (PODD) to Buy

November 4, 2016 7:20 AM EDT
Get Alerts PODD Hot Sheet
Price: $42.11 -2.18%

Rating Summary:
    16 Buy, 9 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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BTIG upgraded Insulet Corporation (NASDAQ: PODD) from Neutral to Buy with a price target of $42.

Analyst Sean Lavin said, "Shares are likely to open today at around $35 and while we do not love chasing, we do see another 20% or so of upside from there. Neutral is simply the wrong rating now in our opinion. When we initiated in July at ~$33, we were excited about the OmniPod product and drug opportunities, but were concerned about potential Neulasta destocking and how quickly GMs could ramp. Now with two quarters of execution on the top line and especially GMs we feel more confident that the reward outweighs the risks. The medtech meltdown and worries about competition have given us a second chance at Insulet at about the same price, at a lower NTM multiple, and with significant execution in hand. Thus we move to Buy."

For an analyst ratings summary and ratings history on Insulet Corporation click here. For more ratings news on Insulet Corporation click here.

Shares of Insulet Corporation closed at $30.73 yesterday.

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