JPMorgan analyst Robert Marcus downgraded Inogen to Neutral from Overweight and cut his price target for the shares to $72 from $175. The stock in premarket trading is down 27%, or $24.25, to $66.89. The company's in-line Q1 results were overshadowed by a $25M reduction to guidance, Marcus tells investors in a research note. Inogen is seeing much lower new rep productivity, to the point where management has walked back previous 2019 plans for continued double-digit growth expansion of the sales base, adds the analyst. To reflect the company's "surprising change in priorities" and weaker U.S. business-to-business customer revenues, Marcus reduced his 2018-2023 annual sales growth forecast to 12.8% from 17.2%. With a "fundamentally lower outlook and uncertainty around Inogen's future trajectory," the analyst says he can "no longer defend the stock."