Insulet last night reported Q2 results below expectations and lowered guidance based on inventory issues internationally, whereby the prior distributor both returned goods and had plenty of inventory in the channel already, Piper Jaffray analyst JP McKim tells investors in a research note. The analyst says that while the news is disappointing, he's been fielding daily investor calls on the subject since late June, so this is not a total shock to the investment community. He believes management on the earnings call handled the issue very well and instilled confidence that it is under control. McKim suspects any share pullback will be short-lived and keeps an Overweight rating on Insulet with a $106 price target.