ResMed (RMD) PT Lowered to $260 at Stifel

Stifel analyst Jonathan Block lowered the price target on ResMed (NYSE: RMD) to $260.00 (from $270.00) while maintaining a Hold rating.

The analyst comments "Resmed’s stock is back at the level from our initiation a year ago, with performance slightly lagging the IHI. Multiple compression has occurred of late as FY25 EPS growth was solid (+24%), with the multiple now below its three-year average. With valuation pulling back and the GLP-1 fears our doc diligence raised in March less pronounced due to a significant patient backlog at Sleep Specialist practices, we performed diligence around Philips’ likely U.S. return, and what it might mean for U.S. CPAP device share. Our checks show Philips’ presence at its key supplier (Kimball) has increased lately (page 3), suggesting a return may occur late-2026. Furthermore, our survey highlights that Resmed’s device dominance likely continues but may fall by ~1,000 bps upon Philips’ return. The stock’s recent pullback is intriguing, but if FY27 revenue growth decelerates to +MSD%, the current low-20x NTM EPS multiple might be appropriate in the near term."

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