ResMed price target lowered to $273 from $284 at RBC Capital

RBC Capital analyst Craig Wong-Pan lowered the firm’s price target on ResMed to $273 from $284 but keeps an Outperform rating on the shares. The stock has sold off aggressively following a slightly weaker Q4 earnings result and fears that the company’s device sales will sharply decline when Philips returns to the new patient market, but market fears are likely overblown and the stock offers compelling value, the analyst tells investors in a research note.