Inogen down; William Blair lowers rating to 'market perform'

Inogen

17/01/2023 16:39

(Updates)
    ** Shares of medical device maker Inogen Inc  INGN.O  fall
~3% to $22.68
    ** Brokerage William Blair downgrades INGN to "market
perform" from "outperform" 
    ** Brokerage sees uncertainty for INGN's growth profile in
the short term; says consumer demand is likely to continue to be
impacted by inflation and a potential recession
    ** Expects budgets to remain tight for durable medical
equipment for the "foreseeable future"
    ** There are more headwinds in company's domestic
business-to-business segment than previously expected; will wait
for clarity to see what happens to growth in the segment over
coming quarters as supply chain normalizes - William Blair
    ** Shares of Inogen fell ~27% in the past 12 months
 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com))