UPDATE: Jefferies Upgrades ResMed (RMD) to Hold Following Survey

July 28, 2021 4:28 AM EDT
Get Alerts RMD Hot Sheet
Price: $286.18 -1.46%

Rating Summary:
    7 Buy, 13 Hold, 3 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 8 | Down: 8 | New: 9
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(Updated - July 28, 2021 7:55 AM EDT)

Jefferies analyst Anthony Petrone upgraded ResMed (NYSE: RMD) from Underperform to Hold with a price target of $240.00 (from $170.00).

The analyst commented, "We conducted a DME survey (n=25) to gauge shifts around Philips (PHIA-AMS, NC) recent wide-scale Sleep & Respiratory Class I recall. Findings suggest DMEs are aiming to shift 20-25% share away from PHIA over the next 2-years which by our math represents a ~$700mn opportunity for competitors. With our survey suggesting RMD is best positioned for gains, we raise F2022 by $405mn using a conservative cut. With gains priced-in at current levels we move to Hold."

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 $264.24 yesterday.

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