ResMed Inc. (NYSE: RMD) has seen a flurry of analyst activity on its US-listed shares following the release of its fiscal Q1 2026 earnings report, resulting in several price target adjustments. The moves reflect a mix of optimism and caution regarding the company’s performance and future prospects.
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ResMed Price Targets
In Friday’s trading, ResMed shares traded at $246.88, a decrease of $5.48 or approximately 0.02%. The stock movements reflect the market’s digestion of the analyst reports and the underlying financial data from ResMed’s recent performance.
Among the key adjustments, Mizuho lowered its price target on ResMed to $300 from $310, while maintaining an Outperform rating. Mizuho’s analysis suggests that GLP-1s (glucagon-like peptide-1 receptor agonists) are not currently posing a significant threat to ResMed’s business. They also noted stability among ResMed’s U.S. competitors.
Morgan Stanley analyst David Bailey raised the firm’s price target to $305 from $304, reaffirming an Overweight rating. This decision came after ResMed’s “slightly better-than-expected” fiscal Q1 results, which were supported by “solid” operating leverage.
KeyBanc analyst Brett Fishbin also increased the firm’s price target, moving it to $299 from $298, with an Overweight rating maintained. KeyBanc viewed the Q1 2026 release as mostly positive, citing a modest revenue beat and sustained margin inflection. However, the firm pointed out that the revenue outperformance in Devices was partially offset by weaker performance in Masks and Accessories and SAAS (Software as a Service). KeyBanc was encouraged by the gross margin upside and anticipates continued flexibility in capital allocation.
Other recent analyst actions include UBS reaffirming a Buy rating with a $285 price target following Apnimed’s announcement of positive Phase 3 trial results for a new sleep apnea treatment. RBC Capital Markets increased its price target to $255 from $247, maintaining a Sector Perform rating, after ResMed’s Q3 fiscal year 2025 results showed robust growth in revenue and earnings. Piper Sandler lowered its price target to $265 from $280, keeping an Outperform rating, as part of a broader Q1 preview for the medical devices and diagnostics group.
RMD Analyst Summary
Bull Case
- Stable competitive environment in the US.
- Sustained margin inflection and gross margin upside.
- Continued flexibility in capital allocation.
Bear Case
- Weaker performance in Masks/Accessories and SAAS.
- Potential impact from GLP-1s and new sleep apnea treatments.
- Varied price target adjustments reflect some uncertainty.
The consensus among analysts appears cautiously optimistic. ResMed’s ability to maintain margins and navigate competitive pressures, including the potential impact of new treatments and devices, will be crucial for its future performance. The market will likely continue to monitor these factors closely.
