ResMed extends gains as Wilsons Advisory hikes price target
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The news: ResMed shares extended gains on the ASX after the medical equipment maker's first-quarter results, released on Friday, impressed analysts.
The numbers: ResMed shares were up 3.2% to $38.94 by 1:15pm AEDT. On Friday, they closed 5.9% higher after the sleeping devices group posted 11% growth in Q1 revenue.
Wilsons Advisory maintained its 'overweight' rating on ResMed and upgraded its price target 5% to $42.18 per share.
The context: Wilsons analysts said that in 16 years in covering ResMed, they have never seen secular demand drivers to match what's happening externally, with the company benefiting from sleep tracking across Apple and Samsung devices.
Internally, ResMed is capitalising on market dominance, demand generation and diagnosis with its NightOwl home sleep test, they said.
The source: Wilsons Advisory research
