COH – Deutsche Bank rates the stock as Hold

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A US District Court has awarded damages against Cochlear of US$268m in relation to a patented infringement case. Cochlear was surprised by the decision and had only provisioned for $21m in relation to this dispute.

The company is appealing and expects it will take two years for a decision. Deutsche Bank notes Cochlear will now need to lodge a US$335m insurance bond for the dispute. Hold rating and $188 target maintained.

Sector: Health Care Equipment & Services.

Target price is $188.00.Current Price is $179.56. Difference: $8.44 – (brackets indicate current price is over target). If COH meets the Deutsche Bank target it will return approximately 4% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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