RMD - Sleep Device Player ResMed's Potential Obstacles: Analyst Weighs Obesity Drugs & Philips' Re-Entry | Benzinga
Needham upgraded ResMed Inc (NYSE: RMD) from a Hold to Buy rating with a price target of $180.
The analysts Mike Matson, Joseph Conway, and David Saxon note that ResMed's shares are down 31% since the start of August (versus a 2% decline in the S&P 500), mainly due to concerns about the potential for GLP-1 obesity drugs to reduce demand for ResMed's sleep therapy devices.
The analysts expect two negative effects of GLP-1s.
- First, patients using continuous positive airway pressure (CPAP) who lose significant weight with ...