JPMorgan analyst Robert Marcus downgraded Inogen (INGN) to Underweight from Neutral with an unchanged price target of $72.

The stock closed yesterday down $1.45 to $65.27.

The analyst, who continues to view Inogen as a "potentially attractive story" longer-term, believes the company's near-term outlook is weighed down by uncertainty and market headwinds.

Until management can stabilize the direct-to-consumer business after a decline in rep productivity, growth improves in its U.S. business-to-business segment, and 2020 and beyond estimates "rebase" to reflect current growth trends, Inogen shares offer less relative upside versus other companies in MedTech, Marcus tells investors in a research note.

He believes the company has to "rebuild investor trust" and post a series of beat and raise quarters.