Inogen (INGN): Raising PT to $66 - Needham
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Needham & Company analyst, Mike Matson, reiterated his Strong Buy rating on shares of Inogen, Inc (NASDAQ: INGN) and raised his price target to $66 (from $64) after INGN beat consensus revenue, EBITDA, and EPS in 3Q16. Management also raised its 2016 revenue guidance and offered initial 2017 revenue, EBITDA, and EPS guidance that was above consensus.
The revenue upside was driven by 76% growth in the B2B business more than offsetting modest 1% growth in the DTC business. And despite a Y/Y gross margin decline driven mainly by mix and reimbursement cuts, INGN's operating improved Y/Y. We expect INGN's growth to continue to increase as the G4 becomes more widely available across its different sales channels.
Shares of Inogen, Inc closed at $50.25 yesterday.
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