Piper Jaffray analyst JP McKim raised his price target for Inogen to $290 after traveling with management. The “thematic shift” to portable oxygen concentrators away from tanks remains early in the conversion and all the key growth drivers for the business remain very strong, McKim tells investors in a research note. Further, the analyst believes competition, either from others entering the market or attempting to go direct-to-consumer, “remains noise at this time” with little to no impact on Inogen’s business. He believes the company’s Q3 is shaping up to be strong and has renewed confidence in its multiyear growth story. McKim keeps an Overweight rating on Inogen.
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