Cochlear

You’ll rarely get a good opportunity to buy a business of Cochlear’s quality without some sort of crisis, and this morning’s profit warning, which has sent the share price down 17% today, is just such a crisis. In this morning’s update we said we’d upgrade if the price fell ‘well below’ $55, and here we are at about $53, only 17% above the low of $45.75 reached in late 2011 when the company announced a recall of its Nucleus 5 implants. The company undoubtedly faces challenges, including losing market share with its Nucleus 5 implant still off the market...

You’ll rarely get a good opportunity to buy a business of Cochlear’s quality without some sort of crisis, and this morning’s profit warning, which has sent the share price down 17% today, is just such a crisis. In this morning’s update we said we’d upgrade if the price fell ‘well below’ $55, and here we are at about $53, only 17% above the low of $45.75 reached in late 2011 when the company announced a recall of its Nucleus 5 implants.

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