Needham & Company Raises Price Target on Inogen (INGN) to $64 Following 2Q Beat
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Needham & Company reiterated a Strong Buy rating on Inogen, Inc (NASDAQ: INGN), and raised the price target to $64.00 (from $58.00), following the company's 2Q earnings report. INGN reported revenue of $54.6M vs. consensus of $52.4M, adjusted EBITDA was $13.6M vs. consensus of $11.4M, and adjusted EPS was $0.25 vs. consensus of $0.20.
Analyst Mike Matson commented, "INGN beat consensus revenue, EBITDA, and EPS in 2Q16 and management raised its 2016 guidance. Digging deeper, there were two big surprises in the quarter. The big negative surprise was that rental sales declined by 23% due to reimbursement cuts vs. a 5% decline in 1Q16 and the 5% decline that we had modeled. The big positive surprise was that B2B growth remained very strong and INGN is seeing HMEs increasingly adopt POCs. We think the positive outweighs the negative since the HME trend could continue for years while the rental decline should stabilize next year. We view any weakness in INGN shares as a buying opportunity ahead of a major G4- driven product cycle and we reiterate our Strong Buy rating."
Shares of Inogen, Inc closed at $53.78 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesNeedham & Company, Earnings
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