Inspire Medical price target raised to $197 from $167 at Leerink

Leerink raised the firm’s price target on Inspire Medical (INSP) to $197 from $167 and keeps a Market Perform rating on the shares after Apple (AAPL) unveiled a new sleep apnea detection feature for the Apple Watch, with clearance from the FDA and other regulators expected “very soon.” Leerink believes FDA authorization of wearables to detect sleep apnea could represent a potentially meaningful growth driver for Inspire as awareness and demand for OSA treatment increases. While the firm remains cautious on the potential impact that tirzepatide OSA approval could have for Inspire, Leerink expects the updates from Apple to have a positive impact on both sentiment and fundamentals for Inspire.