Needham analyst Mike Matson, who has a buy rating and $229 price target on ResMed, says the company will be helped by a Royal Philips recall.
Philips (PHG) is recalling some Bi-Level PAP, CPAP, and mechanical ventilator devices in the United States due to health risks.
ResMed (NYSE:RMD) shares rose more than 4% Monday following its rival Philips (NYSE:PHG) recalling certain breathing devices and ventilators on concerns they could harm the patients. Needham & Company analyst Michael Matson (NYSE:MATX) said Philips’ troubles could benefit ResMed. Needham has a buy rating on the stock with a $229 target.