Insulet (PODD): Deutsche Bank Initiates Coverage With a Buy and a $190 Target

Insulet Corporation (NASDAQ:PODD) is one of the best stocks to invest in according to Two Sigma Advisors with huge upside potential. On June 23, Deutsche Bank analyst Kieran Ryan initiated coverage on Insulet Corporation (NASDAQ:PODD) with a Buy rating and a price target of $190.

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Ryan views Insulet as the dominant player in the tubeless insulin pump market, and that it has one of the strongest and most durable growth profiles in the medical device space. The analyst considers the company a market leader whose fundamentals remain intact despite the stock’s poor run since late last year.

Nonetheless, Ryan acknowledged that Insulet faces rising competition in the tubeless pump space. It also faces pressure from the pharmacy channel, which is a distribution route where rivals could chip away at Insulet’s market share. However, the analyst’s position is that the stock has already been discounted enough to account for both of these concerns, making further downside from here less likely.

For context, one of the broader fears weighing on diabetes device stocks, including Insulet, has been the rise of GLP-1 weight-loss drugs like Ozempic and Wegovy. Investors have worried these drugs could shrink the pool of patients who need insulin delivery devices. Deutsche Bank, however, views those fears as exaggerated and already factored into the current valuation.

Insulet Corporation (NASDAQ:PODD) is a medical device company. It develops, manufactures, and markets insulin delivery systems for people with diabetes, with its Omnipod platform providing tubeless, wearable insulin pumps.

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