UBS upgraded ResMed (RMD) to Buy from Neutral with a price target of $290, up from $255. The firm thinks consensus is too cautious in the mid-term and believes U.S. device volume growth likely returns to c.8% for fiscal 2025-2029, close to pre-Covid levels, with demand tailwinds from GLP-1s and wearables, even if they’re currently difficult to quantify, the analyst tells investors in a research note. UBS says GLP-1s could be positive in the mid-term and that wearable technology offers upside given the increasing popularity of Apple (AAPL) and Samsung (SSNLF) watches, which can flag potential sleep apnea.
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