ResMed Analysts Boost Their Forecasts After Better-Than-Expected Earnings
Portfolio Pulse from Avi Kapoor
ResMed (NYSE:RMD) exceeded third-quarter financial expectations with adjusted earnings of $2.13 per share against forecasts of $1.91 and sales of $1.200 billion versus $1.167 billion expected. Gross margin and non-GAAP gross margin also saw significant increases. CEO Mick Farrell highlighted strong demand for ResMed's products and software solutions, contributing to double-digit growth in operating profit and earnings per share. Despite the positive results, ResMed shares slightly fell by 0.2% to close at $183.42. Analysts from Needham and Keybanc raised their price targets for ResMed following the earnings announcement.
April 26, 2024 | 12:47 pm
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POSITIVE IMPACT
ResMed reported higher-than-expected Q3 earnings and sales, with significant margin improvements. Analysts raised price targets despite a slight share price drop.
ResMed's better-than-expected earnings and sales indicate strong operational performance and market demand for its products. The positive adjustments in analyst price targets from Needham and Keybanc reflect confidence in the company's future growth potential. Although the stock slightly fell post-earnings, the overall analyst optimism and company's robust financial health suggest a positive short-term outlook for RMD's stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100