ResMed upgraded to Buy at Citi as Philips CPAP recall drags on

As previously reported, Citi analyst Mathieu Chevrier upgraded ResMed (RMD) to Buy from Neutral with a A$37 price target. ResMed continues to benefit from Philips’ (PHG) CPAP device recall ResMed recently flagged that it will have the capacity to supply the entire market once the availability of semiconductors improves, which Chevrier sees reducing the likelihood of a quick return to market by Philips. ResMed reiterated at an investor conference held in early January that it expects strong device demand for at least the next 12 months, noted Chevrier.