On July 13, ResMed fell 5.61% in regular trading, trading at $196.575/share, with turnover of $33.59 million. The decline was triggered by Citi downgrading ResMed from Buy to Neutral with a price target of AU$34, marking the most impactful call among a series of recent institutional downgrades.

Citi had previously cut its U.S. price target from $340 to $270 in mid-June while maintaining a Buy rating. The further downgrade to Neutral reflects a substantive deterioration in the firm's outlook for the company. This follows Morgan Stanley's June downgrade to Equal Weight with a $230 target, citing dual headwinds from GLP-1 weight-loss drugs and competitive re-entry constraining growth. Jefferies also recently trimmed its target to $225 from $240, while RBC Capital cut to $276 from $321. The FactSet consensus mean target has declined from over $307 earlier this year to approximately $269, signaling broad institutional reassessment of ResMed's medium-term earnings trajectory despite the company beating Q3 fiscal estimates in late April.

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