Cochlear downgraded to Hold

When we upgraded Cochlear to Buy in Cochlear: Interim result 2014 12 Feb 14 (Buy – $54.64) we noted – in the context of our $55 Buy price – that 'whether you pay $54 or $56 isn't going to matter in the long run'. But it will make a difference paying over $58. As a result, with the stock up 8% since 12 Feb, we're downgrading back to HOLD. Note: Our model Growth Portfolio owns shares in Cochlear.

When we upgraded Cochlear to Buy in Cochlear: Interim result 2014 12 Feb 14 (Buy – $54.64) we noted – in the context of our $55 Buy price – that 'whether you pay $54 or $56 isn't going to matter in the long run'. But it will make a difference paying over $58. As a result, with the stock up 8% since 12 Feb, we're downgrading back to HOLD.

Note: Our model Growth Portfolio owns shares in Cochlear.

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