Healthcare Equipment Stock Climbs on Upgrade

Jefferies noted the stock's attractive valuation following last week's 3-year low

Deputy Editor
Oct 2, 2023 at 9:20 AM
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The shares of Insulet Corporation (NASDAQ:PODD) are higher before this morning's open, after Jefferies upgraded the medical equipment distributor to "buy" from "hold," with a price-target cut to $240 from $260. At last glance, PODD was 4% to trade at $165.95. 

The shares took a fall recently, amid fears that the strong weight-loss drug market would hurt the insulin pump maker's business. The analyst in coverage at Jefferies sees an attractive point of entry for Insulet stock, however, noting that the "diabetes market remains large and underpenetrated." 

Since the start of 2023, PODD is down 45.8%, marking a Sept. 26 three-year low of $152.43 just last week, guided lower by its 20-day moving average. Should these premarket gains hold, the equity will still hover just below this trendline. A short-term bounce could be in the cards though, per the stock's 14-day relative strength index (RSI) of 27.2, which lingers in "oversold" territory. 

Of the 20 analysts in coverage, 14 carry a "buy" or better rating, with six a tepid "hold," while the 12-month consensus price target of $278.88 sits a hefty 74.9% premium to current levels. 



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