ResMed share price 'may have overcompensated' - Morgan Stanley
) to Overweight from Equal-Weight, lowering the price target on the stock to $169 from $180 per share in a note to clients Friday.
"OSA is an under-penetrated market," the analysts said."Under our scenarios, we see CPAP patients potentially lost to GLP-1s as falling within scope of being at least somewhat offset by the expanding 'obesity funnel.'" The analysts added that they see the CPAP market penetration as low globally but higher in the US. In addition, the firm is"bullish on the prospects for GLP1s, in part, because at ~7% in the US, obesity treatment rates are low."
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