COH – Macquarie rates the stock as Outperform

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Cochlear’s result missed the broker and consensus, suggesting the stock is a victim of high expectation. Guidance also disappointed.

Management expects a rebound in the second half of 2015 and the broker suggests at least the composition of the result was good. The broker is confident of a sales rebound, new product momentum, R&D leverage and A$ tailwinds. The stock is not cheap, but the broker retains an Outperform rating and $95 target.

Sector: Health Care Equipment & Services.

Target price is $95.00.Current Price is $85.00. Difference: $10.00 – (brackets indicate current price is over target). If COH meets the Macquarie target it will return approximately 11% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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