Cochlear Ltd has confirmed the widespread cancellation of elective surgery will affect sales and has withdrawn FY20 guidance. Ord Minnett considers the decision to acknowledge the impending drop in earnings is commendable.
However, the company is unable to provide any clarity on the magnitude of the decline. The broker retains a Lighten rating and lowers the target to $160 from $180.
Sector: Health Care Equipment & Services.
Target price is $160.00.Current Price is $176.88. Difference: ($16.88) - (brackets indicate current price is over target). If COH meets the Ord Minnett target it will return approximately -11% (excluding dividends, fees and charges - negative figures indicate an expected loss).
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