Inspire Medical Systems

INSP · NYSE

$71.34+$1.19 (+1.70%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $70.15

INSP analyst rating

HoldConsensus of 17 analysts over the last 12 months. 24% rate it a buy.

Strong buy0
Buy4
Hold11
Underperform1
Sell1

12-month price target · 19 analysts

Average $71.53 (+0.3% upside)

Low: $40.40
Now: $71.34
High: $189.00

Upgrades and downgrades

The latest rating actions, newest first

INSP analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Truist Securities	Oct 14, 2026	Maintains	Hold	$62.00 → $78.00	50%
Barclays	Oct 7, 2026	Initiates	Underweight	$65.00	68%
Freedom Capital Markets	Oct 2, 2026	Maintains	Buy	$97.00	40%
RBC Capital	Oct 1, 2026	Maintains	Sector Perform	$60.00 → $75.00	57%
Freedom Capital Markets	Sep 21, 2026	Maintains	Buy	$71.00 → $97.00	40%
Stifel	Sep 11, 2026	Maintains	Buy	$75.00 → $80.00	55%
JP Morgan	Aug 4, 2026	Maintains	Neutral	$54.00 → $60.00	56%
Mizuho	Aug 4, 2026	Maintains	Outperform	$55.00 → $65.00	56%
Oppenheimer	Aug 4, 2026	Upgrade	Perform → Outperform	$85.00	44%
Truist Securities	Aug 4, 2026	Maintains	Hold	$54.00 → $62.00	50%

The case for and against

Updated Oct 14, 2026

Bull case

Inspire Medical Systems is attractive because its Inspire system addresses a large, still-nascent obstructive sleep apnea market with a differentiated, FDA-approved neurostimulation therapy, supported by over 135,000 patients treated and more than 385 peer-reviewed publications. The approval of new CPT codes for Inspire V, effective January 1, 2028, should reduce reimbursement confusion, bolster investor confidence that current sales disruptions will not persist beyond 2027, and support a return to growth as physicians gain coding clarity. Fundamentally, the company’s 2025A results of $912M revenue, $201M adjusted EBITDA, and 14% revenue growth, combined with trading at about 8.8x to 9.7x 2026E EBITDA versus peer medians around 13.9x to 14.2x, suggest undervaluation relative to its improving mid-term growth and margin trajectory.

Bear case

Inspire Medical Systems is facing a bearish setup because its initial application was rejected during the May Editorial panel, highlighting concerns over the lack of published clinical data on Inspire V and uncertainty around revision/reimplantation sub-codes. The company also faces several structural risks, including reimbursement and coding changes, the long-term impact of GLP-1 drugs and other pharmaceutical solutions, and potentially weaker-than-expected adoption or utilization of Inspire therapy. Additional pressure could come from faster U.S. entry by a competing neurostimulation product for OSA and any disruption to its third-party-based manufacturing process.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.