The ResMed Inc (ASX: RMD) share price may be trading lower on Thursday morning but that hasn't taken the shine off its impressive gains in 2021.
Since the start of the year, the sleep treatment focused medical device company's shares have risen 31% to $36.21.
This is approximately triple the return of the S&P/ASX 200 Index (ASX: XJO) over the same period.
Image source: Getty Images
Where next for the ResMed share price?
The good news for investors is that a number of top brokers believe the ResMed share price can still go higher from here.
For example, the team at Credit Suisse is arguably the most bullish. It analysts currently have an outperform rating and $43.00 price target on the company's shares.
Based on the current ResMed share price, this implies potential upside of almost 19% for investors over the next 12 months.
Elsewhere, over at Morgans, its analysts are very positive on the company and even named it one of the broker's best ideas for November. Morgans has an add rating and $40.80 price target on its shares. This suggests potential upside of 13% for investors.
The broker commented: "While we believe the next few quarters will likely be volatile, as COVID-related demand for ventilators continues to slow and core sleep apnoea volumes gradually lift, nothing changes our medium/longer term view that the company remains well-placed as it builds a unique, patient-centric, connected-care digital platform that addresses the main pinch points across the healthcare value chain."
Finally, the team at Citi currently have a neutral rating on ResMed's shares. However, with a price target of $38.50, the broker still sees potential upside of 6.5% for investors.
All in all, the broker community appears to still see plenty of value in the ResMed share price for investors despite its strong gains this year.
