While FY21 results were below consensus, they were in-line with Morgans expectations while guidance points to continued momentum. The Hold rating is unchanged and the target price increases to $214.5 from $201.1.
However, the broker cautions that unpredictable covid-recoveries (developed markets better, yet varied, emerging markets more prolonged), and increasing expenditures will likely limit operating leverage.
Sector: Health Care Equipment & Services.
Target price is $214.50.Current Price is $237.05. Difference: ($22.55) – (brackets indicate current price is over target). If COH meets the Morgans target it will return approximately -11% (excluding dividends, fees and charges – negative figures indicate an expected loss).
