ResMed downgraded to Hold
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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%.
Earnings per share for 2015 are now more likely to come in around 31c compared to the 30c we were expecting last month, but the price rise has taken the price-earnings ratio up from 20 to 22. The stock is now up 25% since our original upgrade in October and we're moving back to Hold, at least until we see further evidence of the other factors we think can move the company forward: the US market stabilising and new the acceptance of new products. We should hear more about these things at the company's interim results on 23 January. HOLD.
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