JPMorgan Downgrades ResMed (RMD) to Neutral
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JPMorgan analyst David Low downgraded ResMed (NYSE: RMD) from Overweight to Neutral with a price target of $250.00 (from $255.00).
The analyst comments "ResMed is poised to take more market share over coming quarters as its device production ramps up and the key competitor remains out of the market. We were encouraged by management’s confidence that these gains will be held even after the competitor returns. Despite these positives, in our view the opportunity is largely reflected in our forecasts and the current elevated valuation leaves little room for error. We also note the acquisition of Medifox has pushed a share buy-back well into the future. Given the lack of upside to our revised price target we have downgraded our rating to Neutral."
Shares of ResMed closed at $240.85 yesterday.
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