Australia-listed shares of ResMed climb to 1-year high as analysts hike PT

ResMed

05/08/2024 04:50

** ASX-listed shares of ResMed  RMD.AX   RMD.N  rise as much
as 7% to A$34.020, their highest since Aug 2, 2023
    ** Analysts at J.P. Morgan lift their price target on the
medical equipment maker to A$37 from A$34.5 after its quarterly
results
    ** Macquarie analysts raise PT to A$36.25 from A$35.40
    ** U.S.-based co on Friday reported adj. profit of $2.08
apiece, narrowly beating estimates of $2.07 per share, according
to LSEG data
    ** JPM sees 20% EPS growth for RMD as strong mask sales,
rising prices and operating efficiencies continue
    ** Macquarie says strong growth in mask sales highlight
"strength of the installed base", sees existing patients
representing ~80% of mask/accessories revenue
    ** ResMed's Australia-listed stocks post their biggest
intraday percentage gain since April 26
    ** About 3.4 mln shares change hands, compared with the
30-day average volume of 2.2 mln
    ** Stock up 29.8% YTD, including session's move



 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))