Oppenheimer lowered the firm’s price target on ResMed to $175 from $275 and keeps an Outperform rating on the shares. The firm cites two competing influences. While its Outperform rating remains given current competitive dynamics, its price target reduction is an acknowledgment that GLP-1s impact on OSA will be real, and multiple expansion, relatively speaking, will be a grind. Oppenheimer is also lowering its FY25 outlook preemptively to factor in GLP-1 impacts.
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