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Canaccord Genuity analyst Kyle Rose upgraded Insulet (PODD) to Buy from Hold with an unchanged price target of $280.
While the upgrade comes a day before the release of pivotal trial data for the Omnipod5, it is less a call on the device's time-in-range and patient outcomes and more around the setup versus consensus expectations in 2022 and beyond, Rose tells investors in a research note.
The analyst believes the launch of Omnipod5 "fills any perceived competitive gap" versus existing pumps and will "magnify the competitive advantage" of the pharmacy channel and benefits of the no-risk, pay-as-you-go model. This should support sustained 20%-plus sales growth through 2024 for Insulet, says Rose.
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