Insulet price target lowered to $295 from $365 at BofA

BofA analyst Travis Steed lowered the firm’s price target on Insulet to $295 from $365 and keeps a Buy rating on the shares. Given investor worries that GLP-1s could impact Insulet’s ability to capture T2 patients, the firm decided to estimate what the T1 opportunity alone is worth with Insulet shares down 33% in a month and concludes that the T1 opportunity is “conservatively worth around $12B today,” while noting the company’s market cap today is $13B. At current levels, “a strong call on T2 is becoming less important and T1 alone could be enough to justify valuation,” even though the firm thinks T2 pump patients can continue to grow “even in the most bullish GLP-1 scenarios,” the analyst tells investors.