Jefferies analyst Matthew Taylor lowered the firm’s price target on ResMed (RMD) to $165 from $240 and keeps a Hold rating on the shares. ResMed shares have been under pressure since the results of the GLP-1 SELECT study, notes the analyst, who believes that OSA/CPAP is an area that may see attrition due to GLP-1s and weight loss. The analyst cut its estimates and lowered its price target to account for the impact, but believes that the selloff is “somewhat overdone,” though Jefferies expects the overhang to last until results from Eli Lilly’s (LLY) SURMOUNT study are out.
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