The Cochlear Limited (ASX: COH) share price climbed to $165.20 this week despite the company releasing no news to the market. With most sales made overseas, the Cochlear share price might be catching momentum due to the falling Australian dollar.
Cochlear is a leading Australian producer of hearing implants, running its manufacturing from Australia and Sweden. It also provides product support, upgrades, rehabilitation and regular customer service.
In financial year 2017 Cochlear made a net profit of $223 million, which is an 18% increase from 2016. Revenues climbed by 7%, contributing to an overall EBIT jump of 20%. Total dividends were up 18% year on year.
According to the Financial Times analysts have an average share price target on Cochlear of $142, with a high estimate of $164 and low estimate of $105.
In financial year 2018 management is expecting reported net profit to increase to $240 million to $250 million.
