Cochlear Issues New Coronavirus Downgrade

On Friday’s dramatic slide and surge in the ASX, shares in hearing implant maker, Cochlear stood out with a leap of 21%. On Monday they dived up to 20% after the company issued its second earnings downgrade caused by the coronavirus, COVID-19 and warned that it is cutting all non-essential spending except for CAPEX. But it made clear staff numbers would not be cut.

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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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