Inogen price target lowered to $185 from $290 at Piper Jaffray

Piper Jaffray analyst JP McKim lowered his price target for Inogen to $185 from $290 after the company reported Q4 results and left 2019 guidance “largely unchanged.” The quarter” actually looked pretty great besides a slowdown in BTB driven by a large HME provider easing purchases,” McKim tells investors in a post-earnings research note titled “Not As Clean As Needed But Management Was Very Transparent & Keeps Us OW.” Adjusting for that single customer, growth was consistent with the prior four quarters closer to 50% in business-to-business, says the analyst, who admits the timing of the slowdown is not ideal with recent investor sentiment. McKim remains confident in Inogen’s direct-to-consumer strategy and suspects “these efforts with the launch of G5 will indeed lead to strong growth in 2019.” He keeps an Overweight rating on the shares.
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