The US FDA has approved the company’s Nucleus Hybrid L24 implant. This is the first implantable device approved by the FDA for a specific indication. Credit Suisse observes this is a sizeable market opportunity but there is a risk of low-frequency hearing loss, which may limit the market penetration of the device.
The Underperform rating and $51.10 target are maintained.
Sector: Health Care Equipment & Services.
Target price is $51.10.Current Price is $58.96. Difference: ($7.86) – (brackets indicate current price is over target). If COH meets the Credit Suisse target it will return approximately -15% (excluding dividends, fees and charges – negative figures indicate an expected loss).