ResMed initiated with a Neutral at Piper Sandler

Piper Sandler initiated coverage of ResMed (RMD) with a Neutral rating and $252 price target While there’s a lot to like about the ResMed story and execution has “been rock-solid,” the shares have largely rebounded off the summer 2023 lows and Piper takes a “somewhat cautious lens” on the impact that GLP-1s may have on the company’s device and mask businesses, the analyst tells investors in a research note. The firm is electing to take a “wait-and-see approach” with the stock.