Australia's Cochlear up after Citi upgrades stock on sustained pace of growth

Cochlear

04/10/2024 04:21

** Shares of hearing implants maker Cochlear  COH.AX  rise
as much as 1.5% to A$291.92 
    ** Citi upgrades stock to "neutral" from "sell", raises PT
to A$305/shr from A$255/shr
    ** "We expect COH to be able to maintain pace of revenue and
profit growth, driven by double-digit growth in the
Adults/Seniors market and single-digit growth in Children
segment," Citi analysts write 
    ** We assume that COH can maintain 10% growth for longer -
Citi 
     ** Co reported 27% jump in FY24 profit, but FY25 profit
forecast missed market expectations; stock tanked over ~13%
since mid-August     
    ** Analysts rate stock "hold" on avg; median PT A$283.00 –
LSEG data
    ** COH has fallen ~2.4% YTD


($1 = 1.4611 Australian dollars)

 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))