UPDATE: Deutsche Bank Upgrades ResMed to Buy

Deutsche Bank raises its rating on ResMed RMD to Buy from Hold and raises its price target by $1 to $32 on renewed confidence upon supported by resilient device sales in the company's North American markets. Deutsche Bank says, "The rebound in US device sales coupled with a lift in gross margins was encouraging, boosting our confidence that ResMed can maintain its double digit earnings growth even in the face of subdued growth in new patients numbers and keen competition. Continued double digit mask sales growth, supported by industry replenishment programs remains the key driver of earnings growth." RMD closed at $27.21 a share yesterday.