Truist Securities Downgrades Inspire Medical Systems (INSP) to Hold

Truist Securities analyst Richard Newitter downgraded Inspire Medical Systems (NYSE: INSP) from Buy to Hold with a price target of $96.00 (from $120.00).

The analyst comments "We D/G INSP to Hold vs. Buy as we think multiple expansion could be limited amid our diminished confidence in est. upside prospects w/out any pricing tailwinds now that INSP can no longer officially use the 64568 code. Recall, our late-Nov. U/G had been based on a price increase tailwind expectation (now fully off the table) as a result of a surprise CMS code upgrade situation for I-V's 64568 code, which CMS had been recommending, but subsequently deemed unusable (this AM). MACs (in mid-Dec.) began removing 64568 despite CMS's gdce to use it. Now INSP likely goes back to using the I-IV code (64582) w/ whatever modifications MACs might consider appropriate (unknown)."

For an analyst ratings summary and ratings history on Inspire Medical Systems click here. For more ratings news on Inspire Medical Systems click here.

Shares of Inspire Medical Systems closed at $96.20 yesterday.

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