ResMed Gains Limelight as Goldman Sachs Sets Bullish Target

2 min read | January 17, 2025 11:39 AM AEDT | By Team Kalkine Media

ResMed Gains Limelight as Goldman Sachs Sets Bullish Target — Image source: Shutterstock

Goldman Sachs' Take

In a research note released this morning, Goldman Sachs initiated coverage on ResMed with a bullish buy rating and a price target of $48.90. This represents a 30% upside potential from the current share price of $37.54.

The investment bank highlighted ResMed’s ability to outperform consensus estimates, crediting the company’s long-term growth prospects despite increasing competition from GLP-1 weight-loss drugs, which have shown promise in addressing some sleep disorders linked to obesity.

Why ResMed Could Hit Record Highs

Goldman Sachs outlined several reasons for its optimism:

Market Leadership: ResMed is a global leader in sleep apnea devices and cloud-connected health solutions, positioning it well for sustained demand.
Innovation and Demand: The company's investment in advanced respiratory solutions and cloud-connected devices continues to drive adoption globally.
Resilience Against GLP-1 Drugs: While GLP-1 medications have shown efficacy in weight loss and improving some sleep disorders, Goldman believes ResMed’s technology remains indispensable for a broad range of patients with complex conditions.

Current Market Performance

ResMed shares are currently trading at $37.54 on the ASX, following a steady rise fueled by strong financial results and growing demand for its sleep apnea and respiratory care solutions.

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