COH – Macquarie rates as Underperform

The broker came out of Cochlear’s investor day noting the market opportunity for the company is substantial, but it will require ongoing investment in order to increase utilisation. The product offering is attractive but the market is factoring in market share and industry growth rates well ahead of the broker’s base case.

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Sounding Out The Risks

Cochlear Ltd (ASX: COH) released its 2014 full-year financial results on Tuesday. The market reacted favourably to the result, largely due to the considerable increase in revenues from the first half of 2014 to the second half of 2014. However, we remain cautious about the company’s prospects for two reasons.

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