Morgan Stanley ups Insulet price target, says pressed its advantage in Q2

Morgan Stanley raised the firm’s price target on Insulet (PODD) to $370 from $355 and keeps an Overweight rating on the shares. Insulet pressed its advantage in Q2, taking outsized share of MDI conversions while also accelerating competitive conversions, according to the firm. While the pump market can still clearly accommodate multiple players and form factor offerings, prescribers and patients are choosing Omnipod increasingly often, and PODD is uniquely positioned amidst reimbursement trends favoring pay-as-you-go economics, Morgan Stanley told investors in a research note. The firm added that Insulet’s reacceleration in International sales shaping up over the past several quarters is perhaps even more “remarkable” and remains an “underappreciated” part of the story.