COH – UBS rates the stock as Sell

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The broker has changed analysts for Cochlear, remodelled valuation drivers and switched to a discounted cash flow methodolgy. The result is a target price increase to $170 from $150.

This is still short of the traded price, and the broker sees downside risk given the company is increasing opex to drive further market penetration. The broker still expects strong growth, but retains Sell with the stock priced to perfection.

Sector: Health Care Equipment & Services.

Target price is $170.00.Current Price is $193.41. Difference: ($23.41) – (brackets indicate current price is over target). If COH meets the UBS target it will return approximately -14% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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