0317 GMT - Cochlear shakes off its bear at Macquarie but remains less attractive to the investment bank's analysts than other Australia-listed medical-technology stocks. Shares in the hearing-implant manufacturer have fallen by about 16% since August. This leaves the stock at a level implying market-share gains and profit margins in line with Macquarie analysts' expectations. However, they point out that it is trading at about 42 times EPS on a 12-month forward basis, compared with about 27 for vaccine maker CSL and 25 for breath-tech provider ResMed. Both those companies are forecast to grow fiscal 2025 EPS at a faster rate, they add. Macquarie raises its target price by 2.1% to A$289.00 and upgrades its recommendation to neutral from underperform. Shares are up 0.35% at A$284.24. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
October 31, 2024 23:17 ET (03:17 GMT)
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