UPDATE: Jefferies Reiterates Hold Rating, Raises PT on ResMed

In a report published Friday, Jefferies reiterated its Hold rating on ResMed

, and raised its price target from $35.00 to $42.00. Jefferies noted, “RMD reported strong FQ2 results with revs and EPS beating by $13mm and $0.02. The upside was across the board, albeit off favorable year ago comps. Although we have clearly missed the ride, the tailwinds of HST & cardio adoption coupled with margin benefits from mix and Shanghai manufacturing are still blowing. That said, the stock is fully valued and Round II implementation in the US remains a hard to handicap risk keeping us at Hold.” ResMed closed on Thursday at $45.47.