ResMed initiated with an Equal Weight at Wells Fargo

Wells Fargo initiated coverage of ResMed (RMD) with an Equal Weight rating and $280 price target The firm’s survey of 50 sleep specialists in the U.S. suggests that U.S. PAP market growth may be trending below Street expectations, in part driven by GLP-1 uptake. By contrast, Street estimates are for ResMed’s U.S. devices growth of +6.2% year-over-year and U.S. masks growth of +11.6% year-over-year in FY26. While Wells’ survey does not capture PAP prescriptions by PCPs, the firm believes that it implies limited upside to expectations.