ResMed initiated with a Hold at Stifel

Stifel analyst Jonathan Block initiated coverage of ResMed (RMD) with a Hold rating and $250 price target While the firm notes “several positives to call out,” including recent double-digit top-line growth, market share gains, and the potential for accelerating new patient growth, it prefers to take “a wait-and-see approach” despite diligence among 40 U.S. Sleep Specialists that suggests 2025 is “teed up for another solid year of device growth.” While the firm’s AirSense 11 diligence is “strong,” the positive tailwinds to device growth may soon slow, the analyst added.