The Global Energy Ventures Ltd (ASX: GEV) share price is surging higher today following news of a study into exporting hydrogen.

The company has announced the beginning of a feasibility study into transporting hydrogen from Western Australia to markets in the Asia Pacific region using its compressed hydrogen ships.

Global Energy Ventures specialises in energy transportation. It is currently an early mover in the transportation of hydrogen.

Earlier today, the Global Energy share price jumped by 12% to 9.2 cents. It has since partially retreated to 8.7 cents, a 7.4% gain on its previous close.

Let’s take a closer look at the latest news from Global Energy Ventures.

Study into shipping hydrogen begins

The Global Energy share price is taking off on the back of a new study into transporting green hydrogen.

Hydrogen is labelled ‘green’ when it’s processed using renewable energy.

The feasibility study will look into the possibility of transporting hydrogen from Province Resources Ltd‘s (ASX: PRL) HyEnergy Zero Carbon Hydrogen Project using Global Energy Ventures’ compressed hydrogen shipping solution.

The study recently received up to $300,000 of funding from the Western Australian government.

It will integrate the HyEnergy Project’s proposed green hydrogen production facility, an onshore compression facility, and an offshore mooring and loading system.

Global Energy Ventures proposes to build the onshore compression facility and offshore terminal.

The study will also integrate a fleet of compressed hydrogen ships, like those owned by Global Energy Ventures, for marine transport. It will assess the potential to transport the green hydrogen to markets in the Asia Pacific region.

The study is expected to be finished in the June quarter of 2022.

Global Energy share price snapshot

This year has been particularly good to the Global Energy Ventures share price.

Right now, the company’s share price is 11% higher than it was at the start of 2021. It has also gained 48% since this time last year.

The post Global Energy (ASX:GEV) share price gains 12% on hydrogen export study update appeared first on The Motley Fool Australia.

More reading

• These were the best performing ASX hydrogen shares of September
• Global Energy (ASX:GEV) share price leaps 18% on green hydrogen grant

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Last Friday, Prime Minister Scott Morrison announced that international borders will reopen in November for states that reach the 80% vaccination milestone. This should be good news for the Qantas Airways Limited (ASX: QAN) share price, but it just logged a three-day losing streak on Thursday.

Why is the Qantas share price struggling to make headway?

US-listed airlines including American Airlines and JetBlue Airways tumbled 4.3% and 2.7% respectively overnight after Goldman Sachs downgraded their ratings for both stocks, according to Wall Street Journal.

The broker flagged concerns about the surging oil prices and slowing economic growth weighing on the airlines’ profits.

US crude oil prices jumped to a seven-year high of US$79.76 a barrel on Wednesday. Similarly, the global benchmark, Brent crude, pushed above US$80 a barrel for the first time in three years.

The jump in oil prices could be a factor dampening the prospects of the Qantas share price.

In 2018, Brent crude prices rallied 20% between mid-August and October to a 4-year high of US$86.6 a barrel. During this time, the Qantas share price tanked almost 25% from around $6.90 to $5.20.

During Qantas’ FY19 results, the company flagged that Qantas International faced a significant impact from “high fuel costs because of flight distance”.

From a financial perspective, FY19 fuel costs came in at $3,846 million, a $614 million or 19% increase compared to FY18.

Not only that, but Goldman Sachs happens to be bullish on oil prices, recently raising its forecasts from US$80 a barrel to US$90 a barrel.

In a note from 26 September, the broker said:

While we have long held a bullish oil view, the current global supply-demand deficit is larger than we expected, with the recovery in global demand from the Delta impact even faster than our above-consensus forecast and with global supply remaining short of our below consensus forecasts.

Foolish Takeaway

The Qantas share price has been breaking to the upside as the prospect of reopening international borders gathers momentum.

Qantas shares briefly hit a high of $5.92 on Monday, its highest since February 2020.

Despite the bullish tailwinds for the travel industry, it might be worth keeping a tab on oil prices.

The post International borders will reopen soon. Why is the Qantas (ASX:QAN) share price stalling? appeared first on The Motley Fool Australia.

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Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Insurance Australia Group Ltd (ASX: IAG) share price had a rollercoaster run in the first quarter of this financial year.

Opening at $5.16, shares hit a 52-week high of $5.51 during the 3 months before crashing to $4.92 by the end of the quarter.

There were plenty of stories that could have affected the insurance giant’s share price.

Let’s take a closer look.

What happened to IAG in the first quarter?

The first major story that could have affected the IAG share price in the first quarter of FY22 was the sale of its 49% stake in Malaysian business, AmGeneral Holdings Berhad.

As Motley Fool has previously reported, the deal will see Liberty Insurance Berhad acquire 100% of the shares in AmGeneral, with AmBank then holding a 30% interest in the insurance operations of both Liberty Insurance and AmGeneral. IAG isn’t sticking around, though, and intends to exit its investment in AmGeneral.

The next big story was a major board reshuffle at the company. IAG announced its chair, Elizabeth Bryan, will retire from the company at the annual general meeting (AGM) on 22 October 2021 after 6 years leading the business.

She will be replaced in the role by Tom Pockett. Pockett has been a director of the business since 2015 and chair of the audit committee. He is also chair of both Stockland Corporation Ltd (ASX: SGP) and Autosports Group Ltd (ASX: ASG).

A second director, Duncan Boyle, will also retire from IAG’s board on 22 October 2021. Boyle has served on the board for 5 years, including 3 years as chair of the risk committee.

How did the release of its FY21 results affect the IAG share price?

Despite a 170% jump in cash earnings, the IAG share price fell on the release of its FY21 results.

To recap, IAG posted the following results for the 12 months to 30 June 2021:

• Gross written premium (GWP) increased by 3.8% to $12,135 million;
• Insurance profit up 35.9% to $1,007 million;
• Net loss after tax of $427 million;
• Cash earnings up 170% to $747 million; and
• Full-year dividend doubled to 20 cents per share.

Looking into this financial year, IAG said it is forecasting low single-digit gross written premium (GWP) growth of between 14% and 16%.

Management also noted its FY 2022 guidance aligns with its aspirational goal to achieve a 15% to 17% insurance margin over the medium term. Despite these positive signs, the IAG share price slumped on the news.

IAG share price snapshot

Over the past 12 months, the IAG share price has increased by about 8%. In comparison, the S&P/ASX 200 Index (ASX: XJO) has gained about 20% in that time.

Year-to-date, the company’s shares have also gained around 8% – this is roughly in line with the stock market.

Insurance Australia Group has a market capitalisation of approximately $12 billion.

The post What happened to the IAG (ASX:IAG) share price in the FY22 first quarter? appeared first on The Motley Fool Australia.

More reading

• When was the best ever day on the IAG (ASX:IAG) share price chart?
• Why this broker thinks the IAG (ASX:IAG) share price is a bargain
• Top brokers name 3 ASX dividend shares to buy today
• The IAG (ASX:IAG) share price is down 10% so far in September. What’s next?
• How has the IAG (ASX:IAG) share price been performing since reporting results?

Motley Fool contributor Marc Sidarous has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Insurance Australia Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. The benchmark index is currently up 0.7% to 7,259.3 points.

Here’s what is happening on the ASX 200 today:

Pilbara Minerals update

The Pilbara Minerals Ltd (ASX: PLS) share price is pushing higher today following the release of an update on its Ngungaju Plant. According to the release, the lithium miner has now started the commissioning of the plant after a period in care and maintenance. The company expects production to increase to approximately 180,000 to 200,000 dry metric tonnes (dmt) from mid-2022 onward.

Collins Foods strikes KFC Netherlands deal

The Collins Foods Ltd (ASX: CKF) share price has been a strong performer on Thursday. Its shares are hurtling higher after announcing an agreement with KFC Europe. According to the release, Collins Foods will become KFC’s corporate franchisee in the Netherlands. This means Collins Foods has the rights to develop, manage, market, support, and operate the KFC business in the country. The agreement provides a framework for the development of up to 130 new KFC restaurants over a 10-year period.

Qube falls on ACCC news

The Qube Holdings Ltd (ASX: QUB) share price is trading lower today after the Australian Consumer and Competition Commission (ACCC) announced that it is investigating the company’s acquisition of the Newcastle Agri Terminal. The regulator will be looking into Qube’s potential to engage in anti-competitive behaviour, such as bundling storage, handling, and transport with terminal services. It also has concerns with Qube’s ability to discriminate against its rivals.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Super Retail Group Ltd (ASX: SUL) share price with a 7% gain. This morning UBS upgraded the retailer’s shares to a buy rating with a $13.50 price target. The worst performer has been the Whitehaven Coal Ltd (ASX: WHC) share price with a 6.5% decline. According to CommSec, overnight the thermal coal price fell 10.2% to US$242.00 per tonne.

The post ASX 200 (ASX:XJO) midday update: Pilbara Minerals jumps, Whitehaven Coal sinks appeared first on The Motley Fool Australia.

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• Why is the Collins Foods (ASX:CKF) share price climbing 5% today?
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• Qube (ASX:QUB) share price falls amid ACCC enforcement investigation
• Top broker upgrades the Super Retail (ASX:SUL) share price to buy
• Here’s what ASX futures are pointing towards on Thursday

Motley Fool contributor James Mickleboro owns shares of Collins Foods Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Super Retail Group Limited. The Motley Fool Australia owns shares of and has recommended Super Retail Group Limited. The Motley Fool Australia has recommended Collins Foods Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Boral Limited (ASX: BLD) share price is up amid the completion of the sale of its 50% owned Meridian Brick business in North America to Wienerberger for US$250 million. Boral’s share is US$125 million, which is effective 6 October 2021.

What is Boral going to do with the money?

Management said that proceeds from this divestment of US$125 million will add to surplus capital from other recent divestments.

Boral is seeking shareholder approval at the annual general meeting (AGM) on 28 October 2021 to return up to A$3 billion of surplus capital to shareholders by an equal capital reduction, subject to shareholder approval and an appropriate class ruling from the Australian Taxation Office.

At the time of the initial news, Boral said that subject to exchange rates and final adjustments, Boral expects to report a “small” pre-tax accounting profit on the sale of approximately $10 million.

Why did it decide to sell Meridian Brick?

The Boral CEO and managing director Zlatko Todorcevski said the divestment of Meridian Brick represents the final step in Boral’s exit from brick operations globally:

In recent years Boral has divested its interests in bricks in Australia and since forming the bricks joint venture in the US with Lone Star in 2016, the plan was to ultimately prepare the business for sale.

As part of this process, Meridian’s leadership was refreshed with the appointment of a new CEO in December 2018, and a stronger focus on improving performance.

The agreed sale represents a fair value for the business and reflects its improved performance.

The divestment of Meridian is a further step in Boral’s portfolio review works. It helps to streamline our US business and allows us to further focus on the improvement initiatives underway in the remaining businesses in Boral North America.

The Brickworks share price has risen by around 30% since the sale of this business.

What may be influencing the Boral share price?

Seven Group Holdings Ltd (ASX: SVW) has been buying shares of Boral and had offered $7.40 per Boral share. Seven Group now owns around 70% of the business.

However, the Boral independent board committee recommended that shareholders reject the offer because it was believed the offer undervalues the business.

The board said that the offer of $7.40 per share was materially below the independent expert’s assessed valued of between $8.25 to $9.13 per share. Grant Samuel also advised Boral that the final price agreed for the sale of its North American building products business of US$2.15 billion exceeded the US$1.8 billion to US$2 billion valuation range attributed to its independent expert report.

Boral’s board said that the renewed strategy is expected to unlock significant value in the near-term from the potential divestment of assets, particularly in North America, and will aim to drive value creation and earnings growth, including through its transformation program.

Macquarie Group Ltd (ASX: MQG) is one of the brokers with a positive outlook on the Boral share price. It has a buy rating on the business, with a price target of $7.30.

The post Boral (ASX:BLD) share price lifts amid Meridian sale completion appeared first on The Motley Fool Australia.

More reading

• Here’s why the Boral (ASX:BLD) share price is lifting today
• Why the Boral (ASX:BLD) share price has underperformed the ASX 200 in the last 3 months
• The Boral (ASX:BLD) share price has fallen 17% since Seven took control
• This year’s ASX 200 Santa Rally to get a whopping $84bn cash boost
• Boral (ASX:BLD) share price lifts amid latest business sale

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The IntelliHR Ltd (ASX: IHR) share price is soaring today after the company announced record quarterly sales and its breakthrough into a new enterprise market.

The software-as-a-service provider received more than $1 million worth of contracted annual reoccurring revenue and implementation over the first quarter of financial year 2022.

It also secured its first customer in the hotel and tourism market.

At the time of writing, the IntelliHR share price is 23.2 cents, 7.91% higher than its previous close.

Let’s take a closer look at today’s news from the human resources-focused technology company.

IntelliHR’s successful first quarter

The IntelliHR share price is taking off today after the company announced record quarterly sales and revenue growth.

The quarter just been saw IntelliHR’s annual reoccurring revenue reach $776,000. It also generated $225,000 from professional services.

Further, 43% of the company’s new revenue was generated from overseas customers. The company said this highlights its global potential and validates its sales channel.

IntelliHR won 33 new contracts over the first quarter.  As of 30 September, it had 43,784 contracted subscribers. Additionally, IntelliHR boasted 100% customer retention for the quarter.

Likely helping the IntelliHR share price today, is news the company has welcomed its first customer from the enterprise hotel and tourism market.

Jamaican-based Couples Resort signed up to use the company’s software to help support more than 1600 of its team members. Couples Resort’s contract is expected to bring in between $180,000 and $220,000 for IntelliHR.

Of the Couple Resort’s contract, IntelliHR’s Americas president and chief customer officer Glenn Donaldson said:

With the world gradually returning to normality, the tourism industry and hotel industry have become a key strategic focus with IntelliHR’s HR process configurability well positioned to support the personalised and culturally focused needs of this sector.

IntelliHR share price snapshot

Despite today’s uptick, the IntelliHR share price has been performing poorly lately.

It has fallen 58% since the start of 2021. However, it has gained 3% since this time last year.

The post Why has the IntelliHR (ASX: IHR) share price jumped 8% on Thursday? appeared first on The Motley Fool Australia.

More reading

• Here’s why the IntelliHR (ASX:IHR) share price is plunging 10% today

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Australian Pharmaceutical Industries Ltd (ASX: API) share price is on the rise after Wesfarmers Ltd (ASX: WES) confirmed it has bought a 19.3% stake in the company.

At the time of writing, shares in the retail pharmacist are trading for $1.54 – 2.33%. The S&P/ASX 200 Index (ASX: XJO) is 0.36% higher, for context.

Wesfarmers has been looking to acquire 100% of API for some months now. The competition for the company recently heated up when Sigma Healthcare Ltd (ASX: SIG) entered the fray, submitting a mostly scrip bid for API.

Let’s take a closer look at today’s news.

Why API shares are in focus

In a statement to the ASX, Wesfarmers confirmed its acquisition of 95.1 million shares in API – or roughly 19.3% of the company. The purchase was made pursuant to an agreement with API’s largest shareholder, Washington H. Soul Pattinson and Co. Ltd (ASX: SOL).

Wesfarmers says this is not the end of its interest in API. The retail conglomerate says it still wishes to purchase 100% of API for $1.55 per share. Wesfarmers also says now that it owns nearly a fifth of API, it will use its voting power to try and deny Sigma from buying the retail pharmacist. When Wesfarmers submitted this bid, the API share price shot up.

The company paid Soul Patts $1.38 per share and has agreed to pay the remainder should its bid for API be successful.

“Wesfarmers continues to see opportunities to invest in and strengthen the competitive position of API and its community pharmacy partners. Exercising our option to acquire 19.3 per cent of API reflects the Group’s commitment to the transaction and the continued progress of the Wesfarmers proposal,” Wesfarmers Managing Director, Rob Scott, said.

API is best known for owning and operating Priceline and Soul Pattinson pharmacies/beauty stores across Australia. It also owns a chain of 57 cosmetic, skin and laser hair removal clinics in Australia and New Zealand. Due to Australian regulations, it operates its pharmacies under a franchise model.

Despite Wesfarmers operating an industrial branch of its business, the company is best known for owning and operating retail brands like Bunnings, Kmart, and Officeworks. Its proposed purchase of API may be the retailers attempt to further diversify itself into more product lines in Australia – in this case, medicine and beauty products.

API share price snapshot

Over the past 12 months, the API share price has increased 48.1%. This is mostly due to the takeover attempts of Wesfarmers and Sigma, however. Year-to-date, shares in the company have risen just over 21%. API has a market capitalisation of about $751 million.

The post Australian Pharmaceuticals (ASX:API) share price lifts following Wesfarmers 19% stake appeared first on The Motley Fool Australia.

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• The final Wesfarmers (ASX:WES) dividend will be paid out today. Here’s what you need to know
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• Here’s what happened to the Wesfarmers (ASX:WES) share price in September
• Here’s why the Wesfarmers (ASX:WES) share price is down 4% in a week
• 2 beaten-up ASX shares now ready to rally: expert

Motley Fool contributor Marc Sidarous has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Washington H. Soul Pattinson and Company Limited and Wesfarmers Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The CV Check Ltd (ASX: CV1) share price is soaring today following the company’s first-quarter trading update.

At the time of writing, the online integrated screening and verification company’s shares are up 15.15% to 19 cents.

How did CV Check perform in Q1 FY22?

Investors are sending the CV Check share price higher after the company reported robust numbers for the 3-month period.

According to its release, CV Check achieved record revenue of $6.3 million, up 85.4% on this time last year. The successful shift into a B2B focused strategy underpinned the strong result. This is despite a slowing market under repeated and extended lockdowns in Australia’s most populous states.

Consolidated revenue included $0.6 million in software-as-a-service (SaaS) revenue in the form of licence and consulting fees, representing 9.4% of total revenue.

CV Check CEO Michael Ivanchenko said:

This is yet another great result from the strong core business. Work is progressing well on consolidating technology features to reduce cost to serve and open opportunities to improve quality revenue. I look forward to sharing plans for product development and feature enhancement in coming months.

In addition to the business update, CV Check announced the appointment of Jason Margach as its chief financial and operating officer (CFOO).

The position came into effect on 1 October and sees Margach head up the company’s finance team.

Margach has extensive experience in finance and operations both in Australia and overseas. He holds a Bachelor of Accounting Sciences, completed Commercial Articles with Price Waterhouse Coopers, and has a Master of Business Administration.

Margach has been with the CV Check executive team since the beginning of February 2020.

About the CV Check share price

It’s been a mixed bag performance for the CV Check share price, moving in circles throughout the past 12 months. Its shares have posted a gain of 26% over the first quarter of FY22 but are flat year-to-date.

CV Check has a market capitalisation of roughly $81.5 million, with approximately 429.4 million shares on its books.

The post CV Check (ASX:CV1) share price soars 15% on record revenues appeared first on The Motley Fool Australia.

More reading

• Why has the IntelliHR (ASX: IHR) share price jumped 8% on Thursday?
• Australian Pharmaceuticals (ASX:API) share price lifts following Wesfarmers 19% stake
• How did the Westpac (ASX:WBC) share price perform in the last quarter?
• Top broker sees 19% upside in the Cochlear (ASX:COH) share price
• What happened for the ANZ share price in the FY22 first quarter?

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended CV Check Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Westpac Banking Corp (ASX: WBC) share price didn’t really move much in the first quarter of this financial year.

Kicking off the new year at $25.81, shares spent the back end of July below $25.00 a unit. They quickly rose to nearly $26.00 through to mid-September, before a brief fall then rebound.

There’s been a bit of news about Westpac during the quarter that could have impacted the company’s share price.

Let’s take a closer look.

What happened to Westpac in the first quarter?

The first story that might have had an impact on the Westpac share price was the bank’s announcement it was selling its Westpac Life NZ business to Fidelity Life Assurance Company. Fidelity Life Assurance Company is New Zealand’s largest locally owned life insurer, backed by cornerstone investor the NZ Super Fund.

According to the release, the two parties agreed a sale price of NZ$400 million (approximately A$373 million) for the business. Westpac and Fidelity have also entered into an exclusive 15-year agreement for the distribution of life insurance products to Westpac’s New Zealand customers.

In the only price-sensitive news, Westpac also released an update for its third quarter.

As Motley Fool previously reported, the Westpac share price fell on the company’s outlook from the statement. The bank reiterated it was facing net interest margin (NIM) headwinds and therefore expected its second half NIM to be lower than what was achieved in the first half. It also reaffirmed its expectation for its expenses to be higher year-on-year in FY 2021.

What did brokers say about the Westpac share price?

Analysts at Citi have been positive on Westpac shares. According to a recent memo from the analysts there, they’ve slapped a buy rating on the bank’s shares and a price target of $30 per unit – a 16% increase on the current share price.

As we have told you previously, Citi is positive about the Westpac share price due to the bank’s bold cost-cutting plans.

The company currently has a cost base of approximately $12.7 billion but is aiming to reduce this down to $8 billion in the coming years.

Citi expects the bank’s cost-cutting to help offset a number of revenue headwinds it is facing. This is particularly the case in its Markets and Treasury segments, which remain under pressure.

Citi isn’t the only broker who is liking the Westpac share price — the team at Morgans is also bullish on the bank. It thinks shares in the company can reach $29.50 in the coming months.

Westpac share price snapshot

Over the past 12 months, the Westpac share price has increased by 44%. Year-to-date, shares in the company are up by more than 30%. Its 52-week high is $27.12 and its 52-week low is $16.91.

At the time of writing, Westpac shares are up 0.74% today to $25.84.

Westpac has a market capitalisation of about $94 billion.

The post How did the Westpac (ASX:WBC) share price perform in the last quarter? appeared first on The Motley Fool Australia.

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• Own Westpac (ASX: WBC) shares? Here’s why the bank is making news
• Why the ANZ (ASX:ANZ) share price has lagged the ASX 200
• How does the Westpac (ASX:WBC) dividend compare to the banking sector?

Motley Fool contributor Marc Sidarous owns shares of Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Cochlear Limited (ASX: COH) share price has been a poor performer in recent weeks.

Since hitting a record high of $257.76 in mid-August, the hearing solutions company’s shares have fallen 17% to $214.85.

Why is the Cochlear share price falling?

A good portion of the decline in the Cochlear share price has come in recent weeks after the company made an announcement.

That announcement revealed that a complaint for patent infringement has been filed by the University of Pittsburgh in the United States District Court for the Western District of Texas, Waco division.

The release reveals that the patent in question is related to a wireless energy transfer system. It was filed at the US Patent Office in 2009 and will expire in 2030.

However, management does not believe that its products infringe the University’s patent and will defend the lawsuit.

It highlights that Cochlear’s legacy products and related patents predate the University’s patent by several years. Furthermore, these earlier legacy products and patents embody the alleged invention of the patent and, accordingly, Cochlear believes the patent is invalid.

Is this a buying opportunity?

One leading broker that is likely to see the weakness in the Cochlear share price as a buying opportunity is Macquarie Group Ltd (ASX: MQG).

According to a recent note, the broker has an outperform rating and $256.00 price target on the company’s shares. Based on the current Cochlear share price, this implies potential upside of 19% over the next 12 months.

And while Macquarie has not commented on the patent dispute, it is worth noting that another broker has and isn’t concerned.

Last week Citi said that it expects the case to be immaterial to Cochlear. This is due to the company’s own wireless energy transfer patents predating those of the University of Pittsburgh.

In addition, the broker doesn’t expect the news to disrupt Cochlear’s existing and future business in a meaningful way.

Citi currently has a hold rating and $220.00 price target on the Cochlear share price.

The post Top broker sees 19% upside in the Cochlear (ASX:COH) share price appeared first on The Motley Fool Australia.

More reading

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• Why APN Industria, Centuria Industrial, Cochlear, & Perseus Mining are tumbling
• Which ASX 300 shares are the major movers at the end of the week?
• ASX 200 (ASX:XJO) midday update: Telstra buys Vita stores, Cochlear sinks

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Cochlear Ltd. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia has recommended Cochlear Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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