ResMed (RMD): Pricing Worse Than Expected - Jefferies
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Jefferies analyst, Anthony Petrone, reiterated his Underperform rating on shares of ResMed (NYSE: RMD) after the DME Survey indicated that pricing is worse than expected.
1) 76% of respondents are seeking an average 14% price discount due to the lower CBNE/CB2 rates
2) 72% will sell an equal amount of more of Dream versus AirSense10 over next 12 months
3) RMD is well positioned in masks but new launch does not appear disruptive
4) Medicare NIV spend expected to decline following Sept OIG report.
The analyst stated that the survey results "are net negative for RMD and re-enforce our UP rating". No change to the price target of $58.
Shares of ResMed closed at $64.52 yesterday.
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