Inspire Medical Systems (INSP) PT Raised to $137 at Piper Sandler on Procedure Recovery

Piper Sandler analyst Adam Maeder raised the price target on Inspire Medical Systems (NYSE: INSP) to $137.00 (from $116.00) while maintaining an Overweight rating.

The analyst commented, "INSP shares have outperformed over the past month (+16% vs. -1% for the S&P). We suspect the recent strength has been tied to the company’s positive commentary regarding the pace of procedure recovery and additional wins on the payor front—coupled with strong investor appetite for differentiated, durable growth stories. We are encouraged by management's recent commentary and when we look at the inputs in our forecast we see the potential for upside to materialize both in 2H: ‘20 and 2021. Longer-term, we continue to believe in the company’s differentiated approach to treat the quite sizable OSA market opportunity and believe the company is making the appropriate investments to lay the foundation for success over the long-haul. Valuation is steep at current levels (~21x 2021consensus sales), but we believe a premier name deserves a premium valuation. We raise our PT to $137 (from $116 prior) and reiterate our OW rating."

You May Also Be Interested In

• Berenberg Upgrades Accelleron Industries AG (ACLN:SW) to Buy
• Piper Sandler Starts Dave Inc (DAVE) at Overweight
• ICICI Securities Downgrades Manappuram Finance Ltd (MGFL:IN) to Hold (3)