Jefferies Downgrades ResMed (RMD) to Underperform; AirSense10 Cycle Waning
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Jefferies downgraded ResMed (NYSE: RMD) from Hold to Underperform with a price target of $58.00 (from $60.00), saying the AirSense10 Cycle is waning.
Analyst Anthony Petrone commented, "We conducted a DME survey and several expert calls to gauge the latest CPAP trends. AirSense10 is still considered best-in-class, but Dream has closed the gap while being priced at a discount. Lower Medicare rates effective July 1, 2016 are pressuring private rates and are expected to lead to further DME consolidation and price pressure. Downgrading to UP as cycles evolve."
Shares of ResMed closed at $69.78 yesterday.
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