Why ResMed Stock Tumbled by 5% Today
Healthcare technology company 's (NYSE: RMD) stock wasn't quite the picture of health on Wednesday. The shares lost more than 5% of their value on news of an analyst's downgrade and his new, bearish outlook. That performance didn't look good against that of the S 500 index, which fell a comparatively light 0.3%.
Well before market open that day, Wolfe Research's Mike Polark changed his recommendation on ResMed. He flagged it as an underperform (sell, in other words), one peg down from his previous estimation of peerperform (hold). Polark's current price target is $180 per share; this is more than 24% below the healthcare stock's most recent closing price.
ResMed specializes in medical devices that target sleep and respiratory disorders. As such, the analyst is chiefly concerned that pharmaceutical industry giant Eli Lilly will take considerable share from the company in the proximate future.
Source Fool.com
Resmed Inc. Stock
With 16 Buy predictions and not the single Sell prediction the community is currently very high on Resmed Inc..
With a target price of 258 € there is a positive potential of 36.08% for Resmed Inc. compared to the current price of 189.6 €.
