UPDATE: BofA Securities Reinstates Insulet Corporation (PODD) at Buy

BofA Securities analyst Travis Steed reinstates coverage on Insulet Corporation (NASDAQ: PODD) with a Buy rating and a price target of $300.00.

The analyst comments "PODD has been holding its own for several years as the only pump company without an algorithm but with January's Omnipod 5 (OP5) approval PODD will now be able to compete on a level playing field. Our endo survey suggests OP5 could accelerate new patients adds 30-40% and we see scenarios where US revenue is growing well above 30% by 2023 (Street modeling 25% for US growth in 2023). Our survey also says PODD is likely to add more new patients than any other pump company over the next 5 years. The PODD business model means that it will take time for investors to see the acceleration in revenue growth but we think the stock will trade on patient growth as the leading indicator and we see an acceleration in new patients coming in 2022."

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 $260.84 yesterday.

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