Inspire Medical Systems (INSP) PT Raised to $125 at Stifel as Story Continues to Work

Stifel analyst Jonathan Block raised the price target on Inspire Medical Systems (NYSE: INSP) to $125.00 (from $110.00) despite the strong recent run because he sees little to derail the story in the near-term. The share price moved through the prior target and rather than downgrade, the analyst thinks the stock should continue to work.

The analyst maintained a Buy rating, stating "Recent management discussions suggest an ongoing upward bias toward recently re-implemented 2020 guidance and while several weeks remain in the quarter, we feel confident in potential upside to our $22.7MM 3Q20 revenue estimate. Other near-term catalysts include additional reimbursement wins — Anthem may prove imminent (40MM covered lives). In the next 12-24 months, we see increasing utilization as reimbursement barriers continue to fall (the biggest inhibitor to greater utilization per our survey); site of service becomes more favorable (ASCs increasing as percent of centers/procedures); patient awareness continues to build (via DTC spend); and Inspire’s call center helps convert leads into procedures".

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