LivaNova price target lowered to $62 from $71 at Needham

Needham analyst Mike Matson lowered the firm’s price target on LivaNova (LIVN) to $62 from $71 but keeps a Buy rating on the shares. The company is analyzing its hypoglossal nerve stimulation device, HNS, aura6000, in patients with obstructive sleep apnea, or OSA, and the OSA market is large with an estimated 54M people in the U.S. alone, the analyst tells investors in a research note. Inspire Medical (INSP) is the only company with an FDA-approved HNS device and is expected to have over $600M of sales in 2023, and LivaNovawould become Inspire’s first fully implantable competitor if it received FDA approval, the firm adds, though it is also reducing its price target due to peer multiple contraction.