Philips' FDA agreement to aid earnings for Australia's ResMed - Citi

ResMed

29/01/2024 20:05

** Analysts at Citi say Philips'  PHG.AS  recent agreement
with the U.S. Food and Drug Administration will likely be
positive for Australia's ResMed  RMD.N   RMD.AX 
    ** Philips agreed with the U.S. Department of Justice on the
terms of a consent decree under which the Dutch health tech
company will not sell sleep and respiratory devices in the U.S.
until the requirements are met
    ** Citi expects this to be a catalyst for RMD's earnings and
sees its compound annual revenue growth rate of 5% over
FY23-FY26
    ** Brokerage retains "buy" rating on RMD with PT at A$34
    ** 12 of 13 analysts rate stock "buy" or higher, one "hold";
median PT is A$32.31 – LSEG data
    ** Shares of ResMed fell 17.8% in 2023

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))