Citi lifts ResMed's ASX-listed stock's target price after FX, valuation updates

Koninklijke Philips

15/10/2026 20:43

** Citi expects ResMed RMD.N, RMD.AX to report Q1 sales growth of 3.3%, including a 3% headwind from the absence of Astral ventilator sales and the impact of the MatrixCare divestment
** Brokerage said it is broadly in line with consensus on revenue but about 2% below consensus on EPS due to a slightly lower gross margin forecast and a higher tax rate
** Says investor caution continues to be influenced by uncertainty around competitor Philips' PHG.AS return to the US market, although it said it has no evidence that such a return is imminent
** "We continue to see weight loss drugs as a difficult-to-quantify tailwind" — Citi
** Brokerage updates foreign-exchange assumptions, its valuation date and peer multiples
** Citi hikes ResMed's Australian-listed shares to A$34, while its US-listed share target remains unchanged at $240
** ASX-listed stock down over 6% YTD, as of last close

 (Reporting by Rajasik Mukherjee in Bengaluru)
 ((Rajasik.Mukherjee@thomsonreuters.com))