5 Stocks Receiving a Massive Vote of Approval From Wall Street Analysts

01. Inogen, Inc. (NASDAQ:INGN)

Price Reaction after the Upgrade: +1.64 (+19.27%)

On February 15, within the medical equipment industry, William Blair analyst Margaret Kaczor made a significant upgrade regarding Inogen, Inc. (NASDAQ:INGN). Kaczor upgraded the stock’s rating from “Market Perform” to “Outperform,” indicating a more positive outlook on its future prospects. This upgrade came in response to a notable development in the industry: the announcement from Respironics that it would be exiting the U.S. portable oxygen concentrator market by the end of February 2024. Kaczor’s upgrade of Inogen, Inc. (NASDAQ:INGN) suggests that she believes the company is well-positioned to capitalize on the opportunity created by Respironics’ withdrawal from the market. With Respironics’ departure, Inogen, Inc. (NASDAQ:INGN) is expected to have the chance to capture a portion of its market share, estimated to be between 15% and 20% by William Blair.

Investors responded positively to Kaczor’s upgrade, driving up Inogen, Inc. (NASDAQ:INGN) market price by a substantial 19.27% by the closing bell on February 15, reaching $10.15. This significant increase in price reflects investors’ optimism about Inogen’s ability to benefit from the changing dynamics in the portable oxygen concentrator market. Overall, Kaczor’s upgrade and the rationale behind it signal confidence in Inogen, Inc. (NASDAQ:INGN) growth potential and market positioning within the medical equipment industry. By upgrading the stock to “Outperform” and highlighting the opportunity presented by Respironics’ withdrawal, Kaczor provides investors with valuable insights into Inogen, Inc. (NASDAQ:INGN) strategic advantage and potential for market expansion. This upgrade may attract increased interest from investors seeking exposure to the evolving landscape of medical device manufacturing and distribution.

Baron Discovery Fund made the following comment about Inogen, Inc. (NASDAQ:INGN) in its Q1 2023 investor letter:

“We exited a long-term investment in Inogen, Inc. (NASDAQ:INGN) While we like the company’s leading market position and its management team, we believe that the worldwide market for portable oxygen concentrators (which are not paid for by insurance) will be significantly constrained by the current downturn. Additionally, it appears to us that there is increased competition in the field.”

Disclosure: None. You can also take a look at 11 Best Gold Stocks For Inflation and 15 Best Blue Chip Dividend Stocks To Buy.