The broker has updated FX forecasts. The stronger Australian dollar since January has a negative earnings translation impact for Cochlear. The FY15 earnings forecasts are downgraded by 4.5%.
The Sell rating and $48.00 target are maintained.
Sector: Health Care Equipment & Services.
Target price is $48.00.Current Price is $57.65. Difference: ($9.65) – (brackets indicate current price is over target). If COH meets the UBS target it will return approximately -20% (excluding dividends, fees and charges – negative figures indicate an expected loss).