ResMed Bull Thinks Five-Year Outlook is Intact

Dow Jones09:29

0129 GMT - ResMed's bull at Macquarie thinks the breathing-tech provider's five-year outlook remains intact despite its June-quarter gross margin missing expectations. The dual-listed CPAP maker's 4Q 62.3% gross margin was 36 basis points short of the investment bank's expectations, and 46 basis points softer than consensus. However, Macquarie's analysts reminds clients that ResMed continues to expect a double-digit basis-point improvement to gross margin through 2030. Macquarie expects gross margin to widen to 62.9% by fiscal 2029, with EPS growth for the next three fiscal years of 9%, 6% and 10%, respectively. Macquarie raises its target price on ResMed's ASX-listed stock by 0.4% to 46.80 Australian dollars, and maintains an outperform rating. Shares are up 3.4% at A$31.11.

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