Inspire Medical price target lowered to $185 from $225 at BofA

BofA lowered the firm’s price target on Inspire Medical to $185 from $225 and keeps a Neutral rating on the shares. After having spoke with an ex-Inspire sales rep last week, the firm’s conclusion is that “revenue growth is just not as easy to get as it was before.” While the firm does not see “unsolvable issues here,” but rather just signs of a business maturing to a more steady state level of growth, it currently models revenue growth slowing from 50% in 2023 to mid-teens growth in 2025/2026 and lowers its valuation multiple given the lower growth outlook.