Citi upgrades ResMed's Australian shares to 'buy'

ResMed

10/05/2021 06:14

** Citi upgrades Australian shares of ResMed Inc  RMD.AX 
 RMD.N  to "buy" from "neutral", says it expects as the pandemic
recedes, the market will likely focus on FY22 and beyond
    ** Broker says since the release of Q3 results of the
U.S.-based medical device maker, the market has focused on
shorter-term issues and share price has declined ~10%
    ** On April 30, RMD reported weak qtrly earnings in
Australia  urn:newsml:reuters.com:*:nL4N2MN0AF
    ** Citi says it expects as new patient diagnosis returns to
normal, the mask growth will likely normalise in the low teens
and the market will be reminded of the strength of this aspect
of business
    ** Says co's announcement to launch humidifier device
Airsense 11 in CY21 will be positive for sentiment, and
potentially drive some market share gains
    ** Says overall business fundamentals remain intact, and
forecasts EPS growth of 13% in FY23

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))