UPDATE: Baird Starts ResMed (RMD) at Neutral, 'short-run comps challenging'
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Baird analyst Mike Polark initiates coverage on ResMed (NYSE: RMD) with a Neutral rating and a price target of $240.00.
The analyst comments "Short-run comps challenging – pandemic drove extraordinary ventilator demand. However, sleep volume seems to be recovering with reopening and Philips’ recall seems a unique short-run opportunity for share capture. Net, with relative valuation above historical average, calendar 2022 seems more interesting – tough COVID comps cycled, fuller AirSense 11 launch, perhaps more confidence around AHRQ impact or lack thereof."
Shares of ResMed closed at $237.44 yesterday.
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