How high could the ResMed share price climb?

Can this rebounding stock continue to rise? Let's find out.

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Man drawing an upward line on a bar graph symbolising a rising share price.

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The ResMed Inc (ASX: RMD) share price has been on form in recent months.

So much so, the sleep treatment focused medical device company's shares have risen 28% since the end of October.

You may now be thinking that you're too late to the party, but is that the case? Let's find out what analysts are saying.

Can the ResMed share price keep rising?

The good news is that brokers remain very bullish on the company and continue to see material upside for investors over the next 12 months.

For example, the team at Morgans currently has an add rating and $32.82 price target on its shares. This implies potential upside of 18% for investors.

Morgans is so positive, it has the company's shares on its best ideas list in February. It said:

While weight loss drugs have grabbed headlines and investor attention, we see these products having little impact on the large, underserved sleep disorder breathing market, and do not view them as category killers. […] the company remains well placed and uniquely positioned as it builds a patient-centric, connected-care digital platform that addresses the main pinch points across the healthcare value chain.

Over at Goldman Sachs, it put a buy rating and $33.50 price target on the ResMed share price. Though, it is worth highlighting that its analyst has since left and the broker has suspended coverage for the time being.

Finally, the team at Citi is even more bullish with its buy rating and $34.00 price target, which implies 24% upside for investors. Its analysts recently said that they "view the shares as oversold" and maintain their buy rating.

All in all, while the ResMed share price has been on a strong run recently, the broker community doesn't appear to believe that it is too late to jump in at current prices.

Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor James Mickleboro has positions in ResMed. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group and ResMed. The Motley Fool Australia has positions in and has recommended ResMed. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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