Jefferies downgraded Inspire Medical (INSP) to Hold from Buy with a price target of $85, down from $160. The firm’s U.S. sleep survey and doctor checks show ongoing headwinds from weight loss drug uptake, competitor share gains, and “muted” expectations on Inspire 5-related volume growth. Jefferies no longer has confidence in Inspire’s ability to accelerate sales growth. As such, it no longer expects multiple expansion to drive the shares higher.
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