UPDATE: Canaccord Genuity Downgrades Insulet Corporation (PODD) to Hold

(Updated - February 18, 2015 9:32 AM EST)

Canaccord Genuity downgraded Insulet Corporation (NASDAQ: PODD) from Buy to Hold with a price target of $35.00 (from $38.00). Analyst William J. Plovanic sees the stock as fairly valued.

"Following confusingly weak Q4/14 prelim results, management has utilized recent investor conferences to provide clarity and granularity into the business. In doing so, management has provided additional insight into revenue segmentation, updated new patient figures, and a change in how new patients are reported," said Plovanic.

"Near term: we believe the additional clarity gives us reason to push pause, re-set expectations, and wait for the story to return to one of pure execution. In short, we believe the stock is fairly valued at current levels and will likely trade flat for the next 12-months. We believe investors will wait for the dust to settle given significant management turnover, confusion into 2014 results, and risks associated with execution in 2015," continued the analyst.

"Long term: we remain supportive of the company given the OmniPOD's unique and differentiated market position, recurring revenue business model, and potential to expand into a broader drug delivery platform. However, we believe 2015 will be a year of transition," he added.

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 $32.36 yesterday.

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