ResMed upgraded to Overweight at Morgan Stanley

As previously reported, Morgan Stanley upgraded ResMed to Overweight from Equal Weight with a price target of $169, down from $180. The firm’s deep dive suggests ResMed can still grow while GLP1 proliferates because obstructive sleep apnea, or OSA, is an under-penetrated market and it sees CPAP patients potentially lost to GLP-1s as falling within scope of being at least somewhat offset by the expanding “obesity funnel,” the analyst tells investors.