From @morgans following the Resmed (RMD) result on Friday: Resmed (RMD, Hold, Price Target A$5.40) - 2QFY14 earnings were below expectations as volumes and...

From @morgans following the Resmed (RMD) result on Friday: Resmed (RMD, Hold, Price Target A$5.40) - 2QFY14 earnings were below expectations as volumes and pricing continue to be affected by competition and US distributor distractions due to competitive bidding. While we continue to see offsets and remain optimistic of long-term growth prospects, the short/medium-term trajectory is uncertain. We lower our FY14-16F NPAT between 1.6-2.0%, on softer sales somewhat offset by margin support. With US dynamics remaining in flux and continued risk around competition, volatility is likely to remain. We lower our DCF/PE/SOP-based target price to A$5.40 and move to Hold pending greater visibility.