Inspire Medical downgraded to Neutral from Outperform at Baird

Baird downgraded Inspire Medical (INSP) to Neutral from Outperform with a price target of $74, down from $130. The company’s lowered fiscal 2026 provides “little confidence in a clearer path forward” following several recent negative reimbursement changes, the analyst tells investors in a research note. The firm says the reimbursement impacts bring uncertainty on Inspire’s utilization and new accounts, making it difficult to argue for a higher share multiple. As such, Baird moves to the sidelines pending a “more stable, higher-growth outlook.”