Mike Murray, health-care analyst at Australian Ethical Investment, said the fund manager was happy to maintain its long-term holding in Cochlear so long as the growth continued.
He cited the strong growth in unit sales of implants, especially in the US and emerging markets, the strong cash flow, full-year guidance and the accelerating second-half trend. Top end
"That bodes well for the full year and continues to suggest they can deliver at the top end of the guidance," Mr Murray said. "The only issue for the stock is the high price-to-earnings multiple, which can be maintained while they continue to execute on their growth plan."
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