On July 13, ResMed fell 5.19% in pre-market trading, trading at $193.01/share, with turnover of $373,200. The decline was triggered by Citi downgrading ResMed from Buy to Neutral, setting a price target of AU$34, marking the most impactful among a series of recent institutional downgrades.

The Citi downgrade follows a wave of target price reductions across multiple brokerages. Jefferies cut its U.S. target from $240 to $225 on July 10, while Jarden lowered its Australian target from AU$42.70 to AU$40.20 on July 9. In June, Morgan Stanley had already downgraded the stock to equal weight from overweight, slashing its target from $286 to $230, citing dual headwinds from GLP-1 weight-loss drugs and competitive re-entry pressuring growth prospects. Morgan Stanley estimated fiscal 2027 net income growth at approximately 5%, well below the company's three-year EPS CAGR of 19%.

Additionally, ResMed recently agreed to sell its MatrixCare and HealthCare First businesses for $490 million, significantly below the $876 million originally paid, reflecting challenges in its software segment. The company is scheduled to report Q4 fiscal 2026 earnings on August 6.

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