Needham raised the firm’s price target on ResMed (RMD) to $224 from $215 and keeps a Buy rating on the shares. An analysis of bariatric surgery and obstructive sleep apnea trials showed that large body mass index reductions drove even larger apnea-hypopnea index, or AHI, reductions, and the firm expects somewhat lower weight loss and AHI reduction in Eli Lilly’s (LLY) SURMOUNT-OSA trial of tirzepatide, the analyst tells investors in a research note. Needham adds that it now expects a 1.0% headwind to ResMed’s revenue growth from GLP-1s through 2027 vs. 0.8% previously, though its higher price target is due to peer multiple expansion.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on RMD:
- LivaNova jumps nearly 12% after saying trial likely to meet primary endpoint
- ResMed’s 2024 Global Sleep Survey Uncovers a World in Sleep Crisis
- Early notable gainers among liquid option names on March 7th
- Introducing the AirFit F40: Experience Unprecedented Freedom with the Comfort and Optimized Seal Performance of ResMed’s Smallest Full-Face CPAP Mask
- ResMed announces launch of AirFit F40
Questions or Comments about the article? Write to editor@tipranks.com