ResMed Inc.
RMD · NYSE
Analyst ratings
buy · 10 ratings
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| July 15, 2026 | Mizuho | Maintains | Outperform | $220.00 |
| July 13, 2026 | Citigroup | Downgrades | Neutral | $235.00 |
| July 10, 2026 | Jefferies | Maintains | Hold | $225.00 |
| July 8, 2026 | RBC Capital | Maintains | Outperform | $276.00 |
| July 8, 2026 | Wells Fargo | Maintains | Equal-Weight | $225.00 |
| June 22, 2026 | Keybanc | Maintains | Overweight | $266.00 |
| June 17, 2026 | Morgan Stanley | Downgrades | Equal-Weight | $230.00 |
| June 15, 2026 | Citigroup | Maintains | Buy | $270.00 |
| May 1, 2026 | RBC Capital | Maintains | Outperform | $321.00 |
| May 1, 2026 | Wells Fargo | Maintains | Equal-Weight | $227.00 |
| April 27, 2026 | Keybanc | Maintains | Overweight | $290.00 |
| April 9, 2026 | Citigroup | Maintains | Buy | $340.00 |
| February 2, 2026 | Citigroup | Maintains | Buy | $345.00 |
| January 30, 2026 | RBC Capital | Maintains | Outperform | $314.00 |
| January 30, 2026 | Piper Sandler | Maintains | Neutral | $275.00 |
| January 30, 2026 | Wells Fargo | Maintains | Equal-Weight | $270.00 |
| January 30, 2026 | Stifel | Maintains | Hold | $265.00 |
| December 18, 2025 | Stifel | Maintains | Hold | $260.00 |
| December 16, 2025 | Baird | Downgrades | Neutral | $275.00 |
| November 3, 2025 | Baird | Maintains | Outperform | $300.00 |
| October 31, 2025 | RBC Capital | Maintains | Outperform | $303.00 |
| October 31, 2025 | Keybanc | Maintains | Overweight | $299.00 |
| October 31, 2025 | Mizuho | Maintains | Outperform | $300.00 |
| October 21, 2025 | Morgan Stanley | Maintains | Overweight | $304.00 |
GLP-1 drugs impact on sleep apnea device demand
Real-world data increasingly suggests GLP-1 co-prescriptions may actually drive higher PAP therapy adherence, potentially accelerating devices and masks revenue through fiscal 2027. ResMed's 11% revenue growth and 21% non-GAAP EPS growth in its most recent quarter support resilience against GLP-1 headwinds.
The market has priced in significant concern that GLP-1 weight-loss drugs could reduce the sleep apnea patient pool over time, contributing to a 20–31% decline in ResMed's share price in 2026. Morgan Stanley downgraded ResMed to Equal-Weight and cut its target to $230, reflecting structural demand uncertainty.
Portfolio restructuring via MatrixCare divestiture and Noctrix acquisition
Morgans maintained a Buy rating, arguing the MatrixCare divestiture at 9x earnings simplifies the portfolio and that net proceeds returned via an accelerated share repurchase will largely offset earnings dilution from both the disposal and the Noctrix acquisition, keeping FY26–28 forecasts intact.
The MatrixCare sale crystallises a significant financial loss — acquired for US$750M in 2018 and divested for US$490M — highlighting poor capital allocation. Citigroup downgraded ResMed to Neutral and cut its target from $270 to $235, signalling eroded confidence in management's strategic execution.
Valuation and analyst conviction amid sustained stock price decline
Despite a 33% drop from its 52-week high, 9 of 19 analysts rated ResMed a Buy or Outperform as of late June 2026, with a street mean target of $261 implying ~33% upside. Goldman Sachs reaffirmed a Buy rating in July 2026, and TIKR's mid-case model projects ~41% total return by 2030.
Analyst conviction has visibly eroded, with the mean price target sliding from $297 in March 2026 to $249 by mid-July, tracking the stock's decline rather than leading it. RBC downgraded ResMed to Sector Perform, Jefferies cut its target to $225, and Wells Fargo's target implies only 2.45% upside from prior close.