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Investing.com - Oppenheimer has initiated coverage on Insulet Corporation (NASDAQ:PODD) with an Outperform rating and a price target of $365.00. The company, currently trading at $348.43 with a market capitalization of $24.5 billion, has shown remarkable strength with a 62% return over the past year. According to InvestingPro data, 14 analysts have recently revised their earnings estimates upward for the upcoming period.
The coverage initiation comes as part of an internal reallocation of analyst responsibilities at the research firm, with the previous Outperform rating being maintained for the medical device company.
Oppenheimer raised its price target to $365 from the previous $324, citing a change in valuation methodology as the primary reason for the adjustment.
The firm also updated its financial estimates for Insulet following the company’s second-quarter results released on August 7.
Insulet Corporation specializes in tubeless insulin pump technology with its Omnipod system, designed for people with insulin-dependent diabetes.
In other recent news, Insulet Corporation reported strong quarterly performance, with revenue and earnings per share exceeding expectations by 6% and 27%, respectively. The company has also raised its guidance for fiscal year 2025, citing growth across all markets and patient populations. Barclays raised its price target for Insulet to $300, maintaining an Equalweight rating, due to stronger sales projections. RBC Capital increased its price target to $350, maintaining an Outperform rating, following Insulet’s robust performance. Bernstein SocGen Group also raised its price target to $400, highlighting Insulet’s consistent growth and projecting 2025 as the tenth consecutive year of over 20% constant currency growth. Canaccord Genuity adjusted its price target to $353, maintaining a Buy rating, after noting mid-20% underlying growth in the quarter. In addition, Insulet announced the appointment of Eric Benjamin as Chief Operating Officer, who will lead the company’s growth and innovation strategy.
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