ResMed price target lowered to $250 from $260 at BofA

BofA analyst Lyanne Harrison lowered the firm’s price target on ResMed to $250 from $260 and keeps a Buy rating on the shares after Q4 results that “disappointed,” including a sequential gross margin decline. The firm lowers its gross margin estimates for FY24-FY26 based on ResMed’s “more subdued comments” on the margin outlook, but contends that ResMed is well placed in the device and mask market.