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Citi analysts told investors that the upgrade follows the stock’s share price decline this year. However, they lowered the price target to $265 from $273.
“With the stock down 37% from its high (May 5, 2023) and down 29% YTD (essentially giving back the entire move from the Omnipod 5 launch), we are upgrading PODD to Buy from Neutral,” they wrote.
Meanwhile, Baird analysts also lowered the firm’s price target on PODD to $219 from $320 per share. They said that after the investment bank updated its 10-year insulin pump global market model and its company-specific revenue projections to account for recent survey results, they “now see ~$670M in lower potential revenue for PODD by 2033.”
“We now see 12-month risk/reward more balanced for PODD,” they said.
