UPDATE: Jefferies Upgrades ResMed (RMD) to Hold Following Survey
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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."
Shares of ResMed closed at $264.24 yesterday.
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