<WIRE> ResMed (ASX:RMD) Shares Downgraded by Analysts Following Soft FQ23 Results

Analysts have downgraded the price target on shares of the medical equipment maker, ResMed (ASX:RMD), in light of disappointing FQ23 results.

Macquarie’s assessment of ResMed’s 4Q23 gross margin pointed out that it didn’t meet forecasts, with non-GAAP EBIT and NPAT also falling short.

Consequently, Macquarie lowered its EPS estimates for ResMed stretching to the fiscal year 2025 due to anticipated slower revenue growth.

The firm adjusted its price target to A$36.50, down from A$38.00, but maintained an ‘outperform’ rating for the stock.

The medium to long-term outlook for ResMed remains positive, according to Macquarie.

Additionally, Citi lowered its price target from A$40.50 to A$39.00 but kept a ‘buy’ rating.

Meanwhile, Morgan Stanley reduced its price target from A$33.50 to A$31.40.

Out of 13 analysts, 11 rate ResMed as ‘buy’ or higher, while two have a ‘hold’ rating, with a median price target of A$37.00 based on Refinitiv data.

ResMed (ASX:RMD) is a renown medical equipment manufacturer.

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