Stifel Reiterates Hold Rating on ResMed (RMD)

Stifel analyst Jonathan Block reiterated a Hold rating and $240.00 price target on ResMed (NYSE: RMD).

The analyst commented, "F3Q25 results were in-line as Device sales slightly missed our expectations, but Masks came in ahead, allowing WW constant currency growth of +9% to match our estimate. EPS was $2.37 versus our/Street's $2.36/$2.39. Overall, results do not seem strong enough to alter investors’ seemingly ongoing cautious sentiment as GLP-1 concerns remain prominent ahead of Zepbound reimbursement likely ramping in 2H25. However, on the call, Resmed clarified its tariff stance--and it could not have been better--with management calling out a near 100% exemption (Nairobi protocol). The tariff exemption is likely a near-term sigh of relief for some, but we remain concerned in the medium term as our recent diligence highlights potential GLP-1 headwinds. The upward trajectory to FY26 revenue/EPS estimates have paused of late, and if numbers don’t move higher, the stock rallying significantly from current levels may prove difficult as multiple expansion in the face of GLP-1 uncertainty seems unlikely."

For an analyst ratings summary and ratings history on ResMed click here. For more ratings news on ResMed click here.

Shares of ResMed closed at $214.44 yesterday.

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