Australia's Cochlear extends gains to hit record high

Cochlear

09/02/2024 02:38

** Shares of Cochlear Ltd  COH.AX  extend gains, rise as
much as 3.3% to their all-time high of A$314.820
    ** Hearing implant maker closed 4.4% higher on Thursday
after upgrading FY24 underlying net profit forecast to between
A$385 mln ($249.90 mln) and A$400 mln, 8% above previous
forecast mid-point 
    ** COH also reported HY revenue of A$1.11 bln and NPAT of
A$192 mln - both beating Jarden Research estimates
    ** Jarden upgrades EPS est by 5.9%, 3.4% and 4.2% for FY24,
FY25 and FY26, respectively
    ** Brokerage also raises its 12-month price target for COH
to A$237.17 from A$229.90 
    ** As of last close, stock up 2% YTD


($1 = 1.5406 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))