Resmed

RMD · NYSE

$245.50+$5.73 (+2.39%)TodayMarket closed · Oct 20, 7:46 PM ET

Prev close $239.77

RMD analyst rating

HoldConsensus of 14 analysts over the last 12 months. 43% rate it a buy.

Strong buy0
Buy6
Hold8
Underperform0
Sell0

12-month price target · 19 analysts

Average $254.97 (+3.9% upside)

Low: $176.75
Now: $245.50
High: $336.00

Upgrades and downgrades

The latest rating actions, newest first

RMD analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
RBC Capital	Sep 15, 2026	Upgrade	Sector Perform → Outperform	$244.00 → $262.00	69%
Keybanc	Aug 31, 2026	Maintains	Overweight	$255.00 → $267.00	56%
Rothschild & Co	Aug 19, 2026	Initiates	Neutral	$230.00	0%
RBC Capital	Aug 7, 2026	Maintains	Sector Perform	$234.00 → $244.00	69%
Piper Sandler	Aug 7, 2026	Maintains	Neutral	$233.00 → $225.00	51%
Keybanc	Aug 7, 2026	Maintains	Overweight	$260.00 → $255.00	56%
Wells Fargo	Aug 7, 2026	Maintains	Equal-Weight	$225.00 → $215.00	19%
Mizuho	Jul 15, 2026	Maintains	Outperform	$235.00 → $220.00	56%
Citigroup	Jul 13, 2026	Downgrade	Buy → Neutral	$270.00 → $235.00	38%
Jefferies	Jul 10, 2026	Maintains	Hold	$240.00 → $225.00	59%

The case for and against

Updated Oct 18, 2026

Bull case

ResMed is viewed positively because it operates in a structurally expanding market driven by rising sleep apnea diagnosis, aging populations, obesity, and only a 20% diagnosis rate in the U.S., leaving substantial room for penetration gains. Its fundamentals remain resilient, with 4Q26 revenue of $1,464m, gross profit margin of 62.3%, and underlying EPS of $2.95, while FY27 guidance of $5.75-$5.85b revenue and $12.00-$12.25 EPS signals continued growth despite the Astral remediation and competitive noise. The outlook is further supported by recurring masks and SaaS revenue, healthy cash flow, R&D investment in AI and next-generation products, and disciplined capital returns, including about $1.5b of expected buybacks in FY27.

Bear case

ResMed is facing a weaker fundamental setup because Americas device growth of 6.1% YoY and mask revenue growth of 9.7% YoY both missed expectations, while the 4Q26 gross margin of 62.3% also fell short amid component inflation, freight pressure, and FX drag. The $41.9m Astral recall provision, a $75m FY26 revenue base tied to Astral, and an expected 130bps revenue headwind in FY27 add execution risk just as management guides FY27 revenue of $5.75-5.85B, below the Street’s pre-call view. Even with strong RoW growth and digital health initiatives, the company still faces potential FDA actions, competitive pressures, and uncertain GLP-1 effects that could limit operating leverage and cloud the growth profile.

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