0903 [Dow Jones] STOCK CALL: Credit Suisse raises ResMed (RMD.AU) target to A$5.30 from A$5.20 after RMD 4Q08 earnings were ahead of CS' estimates, reflecting a return to U.S. growth. "Top line revenue growth was the standout - American sales increased 14% versus a year earlier, underpinned by faster-than-expected traction of recent product releases," CS says in a client note. Keeps Neutral. "We believe that the early success of recent product launches and a pipeline of high margin releases scheduled for FY09 augurs well for continued top line revenue growth at least in line with industry average (15%)." Still, CS remains concerned about 300 basis-point margin decline in the past year due to currency, product mix and price discounting. Last trade A$4.60. (ABH)
RMD Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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