UPDATE: Jefferies & Company Reiterates Hold Rating, Raises PT on ResMed

In a report published Monday, Jefferies & Company reiterated its Hold rating on ResMed

, and slightly raised its price target from $34.00 to $35.00. Jefferies noted, “RMD reported mixed FQ1 results with US Masks and Intl generators missing the mark on US reimbursement nuances, competition, and F/X. Runway still looks clear for volume gains on HST and cardio adoption while further margin expansion is possible from mix and Shanghai manufacturing. However, pricing and comp bidding are still questions and valuation still a little rich. PT to $35 but rating stays at Hold.” ResMed closed on Friday at $39.92.