ResMed upgraded to Overweight from Neutral at JPMorgan

JPMorgan analyst David Low upgraded ResMed to Overweight from Neutral with a $245 price target. Industry feedback indicates ResMed is set for "another strong quarter" as the supply of devices has improved, Low tells investors in a research note. Looking to 2023, the analyst sees clear signs the supply challenges will continue to abate and he expects demand to remain robust. While the timing of Philips return is uncertain, ResMed will be able to largely hold its share gains with referring doctors having a clear preference for its devices, says Low. The analyst sees earnings upside if Philips’ return is delayed and/or it is impacted by regulatory constraints.