ResMed reported after the US market closed this morning with Q3 adjusted EPS of $2.13 ahead of the consensus of $1.91, a result that’s likely to be welcomed locally this morning, with the stock up ~5% in late trade. Earnings were helped by revenue of $1.2bn, which was 7.2% ahead of consensus; its quarterly dividend was maintained at 48c. Today’s price action will be interesting as MM is not keen on stocks that cannot rally on “good news.”
- We recently sold our position in RMD, believing the risk/reward is now unattractive at current levels due to the future uncertainty created by wonder weight loss drugs, such as Ozempic – we may have sold too early.
MM is neutral towards RMD
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