Inspire Medical downgraded at BofA on cloudy path back to growth

As previously reported, BofA downgraded Inspire Medical (INSP) to Neutral from Buy with a price target of $53, down from $120. While the firm still believes in Inspire’s product, acknowledges it has good gross margins, and sees strategic value, the path back to growth “just keeps getting tougher to underwrite each quarter” and while the company assumes many of its headwinds – including reimbursement and coding uncertainty, WISeR, GLP-1s, and increased competition – abate, the analyst says “it is tough for us to be confident.”