UPDATE: Northland Downgrades ResMed
In a note released Tuesday morning, Northland Securities downgraded ResMed (NYSE: RMD) from Market perform to Underperform and maintained its $40 price target.
In the note, Northland analyst cited "numerous forces" in the CPAP space that will squeeze margins and the top-line overtime. Furthermore, the analysts noted that ResMed's model is "highly sensitive" to operating margins and believe that consensus estimates are "unrealistic."
Shares of ResMed are down a little over one percent at $49.44 in Tuesday's trading.
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