Needham & Company Starts ResMed (RMD) at Hold

Needham & Company initiates coverage on ResMed (NYSE: RMD) with a Hold.

Analyst Mike Matson comments, "RMD is the leader in the maturing continuous positive airway pressure (CPAP) device market. We expect RMD's prices and market share to be pressured given declining Medicare reimbursement. Additionally, we believe that competition in the CPAP market is increasing. We believe that consensus estimates are too high and have positioned our estimates below consensus. Given this we are initiating coverage with a Hold rating."

For an analyst ratings summary and ratings history on ResMed click here. For more ratings news on ResMed click here.

Shares of ResMed closed at $45.04 yesterday.

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