Jefferies upgraded Insulet to Buy from Hold with a price target of $240, down from $260. Given the underperformance in the shares on GLP-1 fears, the firm is “opportunistically upgrading” Insulet. The comapny has been able to tap into the type 2 diabetes market opportunity more successfully than its tubed pump peers, with the percentage of new customers ranging from 15%-40% each quarter since 2019, the analyst tells investors in a research note. The firm says Insulet also had a record number of new starts from people with type 2 diabetes in Q2 in addition to very strong type 1 diabetes new customer starts.
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