ResMed downgraded to Hold

With its price up 25% in a couple of months we're downgrading ResMed to Hold.

When we raised ResMed’s buy price on 21 Nov 14, we noted that earnings would be helped by the Aussie dollar’s fall of almost 10% since June. Well a month later and the fall is up to 13%, which should add another 3–5% to earnings – yet the share price has celebrated with a rise of 13%.

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