Canaccord Genuity Downgrades Resmed to Hold From Buy
The firm did not publish a price target with the change, and the stock's last close before the action was $229.94.
Key points
- Canaccord Genuity downgraded Resmed to hold from buy before the open on Monday, Nov. 2
- Last close before the action: $229.94 on Oct. 30; stock rose 5.0% over the prior 20 sessions
- Of 11 firms rating the stock in the past year, three were positive, eight neutral, none negative
- Median price target before the action was $250.00, ranging from $220.00 to $288.00
Canaccord Genuity downgraded Resmed Inc (NYSE: RMD) to hold from buy before the open on Monday, Nov. 2. The firm did not publish a price target with the change.
Resmed closed at $229.94 on Friday, Oct. 30, the last close before the action. Over the 20 sessions to that close, the stock rose 5.0%.
Where coverage stood
Before Monday, 11 firms had rated Resmed in the past year. Three rated the stock positive, eight rated it neutral and none rated it negative. Those 11 firms had a median price target of $250.00, with targets ranging from $220.00 to $288.00.
Company scale
For the fiscal year ended June 30, Resmed reported revenue of $5.65 billion, up 10% from a year earlier, and diluted earnings per share of $10.43. For the quarter ended Sept. 30, revenue was $1.41 billion, up 6%. Cash and equivalents stood at $1.01 billion at quarter end. Market capitalization was about $32.34 billion as of Oct. 26.
The downgrade came four days after Resmed filed its quarterly report with the SEC on Oct. 29.
Sources
Written with AI from analyst rating changes, SEC filings and market data, and checked against those sources before publishing. Our editorial standards.
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More on Resmed
RMD page →Filings, figures and price history are on the Resmed page.