0022 GMT - The idea that fitness wearables or weight-loss drugs could create a step-change in demand for ResMed is too underdeveloped to incorporate into earnings forecasts, Wilsons analyst Shane Storey says. Cutting his recommendation on the breath-tech provider to market weight from overweight, Storey concedes that the growing use of GLP-1 drugs is a potential tailwind to the sleep industry, but thinks its impact can't yet be predicted. He writes in a note that ResMed's manufacturing and procurement initiatives, and scale benefits, will materialize in fiscal 2026 and fiscal 2027. Wilsons lifts its target price by 1.5% to A$42.82. Shares are down 3.2% at A$38.90. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
February 02, 2025 19:22 ET (00:22 GMT)
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