Piper Jaffray Raises Price Target on Insulet (PODD) to $41 Following 2Q Earnings

Piper Jaffray reiterated an Overweight rating on Insulet Corporation (NASDAQ: PODD), and raised the price target to $41.00 (from $36.00), following the company's 2Q earnings report. PODD reported 2Q revenues of $75.6M, in-line with preannounced results, and above consensus of $68.9M and company guidance of $67M-$70M. Management reaffirmed full year revenue guidance of $305M-$320M and 3Q guidance of $82M-$85M.

Analyst Brooks West commented, "PODD reported 2Q revenues of $75.6M, in-line with preannounced results. The 2014 revenue recognition review which had delayed the call found no material issues with previously stated financials. As a reminder, 2Q results far exceeded prior Street estimates of $68.9M and company guidance of $67M-$70M. Management reaffirmed full year revenue guidance of $305M-$320M and 3Q guidance of $82M-$85M (+11% at midpoint). Prior to the preannouncement, consensus sat at $302.7M reflecting fears of lowered guidance, and the 2Q beat effectively de-risks the 2H15 backend-loaded guidance. We believe the primary delta between prior consensus estimates and guidance was in US OmniPod revenue (which management guided to $180-185M on the call). Last, management announced that the FDA had indicated last month that the corrective actions Insulet implemented after the recent Warning Letter the appears to be adequate. Reiterate OW, raising PT to $41 (from previous $36)."

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 $34.07 yesterday.

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