It was another positive day for the Cochlear Limited (ASX: COH) share price on the market today,
The implantable hearing solutions company's shares rose to an all-time high of $187.60 at one stage, before ending the day 1.5% higher at $186.77. This brought its year-to-date return to an impressive 52%.
But a couple of leading brokers don't appear to believe that it can go higher from here.
As we mentioned previously, a research note out of the Macquarie equities desk last week revealed that its analysts have an underperform rating and $161.00 price target on its shares.
Should its shares fall to this level it would mean a decline of almost 14%.
Macquarie isn't the only broker that is negative on the future performance of Cochlear's shares.
Earlier this month Citi downgraded its shares to a sell rating with a $160.00 price target on valuation grounds. It isn't hard to see why Citi made this move, Cochlear's shares are changing hands at 48x trailing earnings.
