RBC Capital upgraded ResMed to Outperform from Sector Perform with a price target of $284, up from $262. The analyst has a have a positive outlook for ResMed citing low obstructive sleep apnea penetration rates, an improving supply chain of component parts, a backlog of re- PAP customers, and the company’s “strong market position.” The stock is trading towards the low end of its historical trading multiples and therefore offers an appealing risk/reward profile, the analyst tells investors in a research note.
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