Macquarie: market has oversold Resmed (RMD) as results came in lower that analyst expectations. We think underlying market demand remains strong and comp bidding-related headwinds will dissipate considerably in the coming months. Outperform.
UBS have also upgraded to a BUY rating as the company managed to lift its gross margins underpinning estimates. In UBS's view, the case of ResMed has now become one of shorter term headwinds against longer term value.