First quarter revenue was ahead of expectations. The impact associated with the recall at Phillips continues to present opportunities for ResMed, Macquarie asserts. Still supply constraints over the short term exist.

The broker believes the current share price is capturing expectations for the longer-term gains in market share. Neutral rating retained. Target is raised to $38.00 from $37.50.

Sector: Health Care Equipment & Services.

Target price is $38.00.Current Price is $37.17. Difference: $0.83 - (brackets indicate current price is over target). If RMD meets the Macquarie target it will return approximately 2% (excluding dividends, fees and charges - negative figures indicate an expected loss).

© 2021 Acquisdata Pty Ltd., source FN Arena