There were no major surprises within SomnoMed's in-line 1H results given a recent quarterly update, explains Morgans.

North American sales growth eclipsed both European and APAC region growth, explains the analyst. Unfortunately, Europe accounts for 54.2% of revenue and is considered a key driver for SomnoMed due to a more favourable reimbursement environment.

The broker suggests recent share price weakness is a long-term buying opportunity.

The Add rating and $1.76 target are unchanged.

Sector: Health Care Equipment & Services.

Target price is $1.76.Current Price is $1.09. Difference: $0.67 - (brackets indicate current price is over target). If SOM meets the Morgans target it will return approximately 38% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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