Inspire Medical rises after BofA upgrades to 'buy' from 'neutral'

Inspire Medical Systems

20/11/2024 14:11

** Shares of medical device maker Inspire Medical Systems
 INSP.N  rise 5.4% to $185.49
    ** BofA Global Research upgrades stock to "buy" from
"neutral", citing co has "turned the corner on profitability"
with two straight quarters of positive margins and durable cost
control
    ** INSP makes of non-invasive devices for patients with a
common sleeping disorder, which works by stimulating the nerve
that controls tongue muscles 
    ** Brokerage also raises price objective on INSP from $220
to $255, representing premium of 44.8% to stock's last close 
    ** Doctors expect INSP devices will continue to hold 84%
market share even if rival devices from LivaNova  LIVN.O  and
Nyxoah  NYXH.BR  are approved, brokerage says
    ** BofA says INSP has "good visibility in 2025 growth" and
can achieve estimates of $950 mln in 2025 revenue 
    ** 14 of 19 brokerages rate stock "buy" or higher and 5
"hold"; their median PT is $251 - LSEG data
    ** As of last close, stock down 13.5% YTD

 (Reporting by Kamal Choudhury in Bengaluru)
 ((Kamal.Choudhury@thomsonreuters.com;))