Deutsche Bank Upgrades ResMed (RMD) to Buy; 2Q12 Result Give Renewed Confidence

Deutsche Bank upgraded ResMed (NYSE: RMD) from Hold to Buy, price target raised $1 to $32.00.

Deutsche analyst says, "The rebound in US device sales coupled with a lift in gross margins was encouraging, boosting our confidence that ResMed can maintain its double digit earnings growth even in the face of subdued growth in new patients numbers and keen competition. Continued double digit mask sales growth, supported by industry replenishment programs remains the key driver of earnings growth. With the stock trading well below our DCF based price target of $32 and at a discount to its historic premium to its peers we have upgraded to Buy."

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 $27.21 yesterday.

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