KeyBanc analyst Brett Fishbin raised the firm’s price target on ResMed (RMD) to $299 from $298 and keeps an Overweight rating on the shares post Q1 on higher estimates. The firm viewed ResMed’s Q1 2026 release as mostly positive given a modest revenue beat and sustained margin inflection. However, there were a few areas to nitpick, KeyBanc adds. More specifically, the firm notes Q1 revenue was slightly ahead of expectations, as outperformance in Devices was partially offset by Masks and Accessories and SAAS; KeyBanc was again encouraged by upside to gross margin, and it appears well on track to meet the 61%-63% guidance range for FY26; and it anticipates continued flexibility in capital allocation.
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