INGN - Inogen raised to Buy at Needham; thinks supply chain issued temporary

With the sharpest gain in four months, Inogen (INGN +5.1%) shares have reached a one-month high after Needham upgraded the stock to Buy from Hold, noting an improvement in its supply chain issues. Early November, Inogen (NASDAQ:INGN) management attributed supply chain problems in the semiconductor industry in forecasting a flat topline growth for the final quarter.  However, Needham’s Mike Matson and the team think that the issues are temporary and already reflected in the consensus. They may have already started to ease, the analysts added. Citing an ongoing expansion in its sales force to lift revenue growth, the direct-to-consumer rental business alone “should continue to see strong double-digit growth and contribute 5-6%” to Inogen’s (INGN) overall growth, the group wrote. The price target at $47 per share implies a premium of ~42.1% to the last close. Read: In September, Inogen (INGN) announced an agreement with Ashfield Healthcare to enhance its direct-to-consumer sales

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Inogen raised to Buy at Needham; thinks supply chain issued temporary