Wall Street analysts believe there’s some room to grow in shares of Insulet Corp. (NSDQ:PODD), as two agencies put somewhat bullish recommendations on the maker of the Omnipod insulin pump.
Insulet, which reported a 40 percent increase in sales during the three month period ended June 30, 2011, received an upgraded outlook from Rodman & Renshaw to “market perform” in a note to investors on the Bedford, Mass.-based company.
The investment bank said it upgraded Insulet despite that “core concerns of over-enthusiastic Street expectations remain. However, the stock has reached our price target and hence we are moving to the sidelines,” the bank’s analysts wrote.
Insulet received more good news when Jeffries & Company boosted its target price on PODD from $24 to $25 per share, a 36 percent premium over the company’s closing price of $18.44 per share on The Street on Tuesday.
Analysts have been high on Insulet for a while with some even projecting that the company could experience 33 percent growth over the next two years because of its recent $63 million acquisition of Neighborhood Diabetes Inc. and a move to gain 510(k) clearance for a next generation of the Omnipod.
On The Street today Shares of Insulet were up slightly today as the company reported solid top line growth. Insulet reported a $19.4 million loss on $32 million in sales, compared to a $13.7 million loss on $22.9 million in sales for the same period last year. About $5 million of those losses were attributable to payments in connection with the Neighborhood Diabetes buyout.