Jefferies Raises PT On PODD To $24

Jefferies is raising its price target on Insulet Corp. PODD from $20 to $24 after the company submitted an application to the FDA. In the report, Jefferies explains, “Insulet released 1Q results of $28.3mn on par with expectations reflecting seasonal softness as insurance deductibles reset; full year guidance was kept at $123-133mn. Most importantly, the company submitted their 510(k) application to the FDA for the next generation pod and remains well positioned for an approval by year end.” Jefferies maintains a Buy rating on the stock. PODD closed yesterday at $20.58.