Piper Jaffray Maintains OW Rating On RMD

Piper Jaffray is maintaining its Overweight rating on shares of ResMed Inc. RMD. “CMS announced a six month delay in launching round two of the competitive bidding program until summer of 2013,” Piper Jaffray writes. “As a reminder, round two of the competitive bidding program was scheduled to begin in January 2013 and includes an additional 91 metropolitan statistical areas (MSAs), bringing the total to 100 MSAs (9 MSAs round 1, 91 MSAs round 2). “Given the inclusion of CPAP devices and related supplies/accessories in the initial round, we view the delay as an incremental positive for ResMed.” ResMed closed Tuesday at $30.03.