SYDNEY, June 29, 2026, 04:09 AEST
- Cochlear ended Friday at A$118.03, up 1.27% for the day and down 0.1% for the week.
- The S&P/ASX 200 closed Friday 0.18% higher at 8,764.2, but slipped 0.73% for the week.
- Cochlear, with a market value of about A$7.71 billion, trades at roughly 25 times the midpoint of its revised FY26 profit forecast.
At 04:09 AEST, the ASX cash market had not yet entered pre-open. The ASX pre-open runs from 07:00 Sydney time, with normal trading from 09:59:45 to 16:00. Cochlear Limited ASX:COH will open the week at Friday’s close of A$118.03, after a late-week rebound.
The stock’s multiple gives a clearer picture than Friday’s gain. Cochlear has climbed about one-third from its 52-week low, but its market cap remains around A$7.71 billion with a new FY26 underlying net profit forecast of A$290 million to A$330 million. The midpoint, A$310 million, puts the price at about 24.9 times earnings. That’s significant as the price already reflects a full recovery in adult and senior implant demand.
The figures indicate the breakdown between price support and earnings risk:
| Metric | Cochlear ASX:COH | S&P/ASX 200 (INDEXASX:XJO) | Investor read |
|---|---|---|---|
| Friday close | A$118.03, up 1.27% | 8,764.2, up 0.18% | Cochlear outperformed the index |
| Week move | A$118.14 to A$118.03, down 0.1% | down 0.73% | Stock stayed steady after Monday’s 4.38% drop |
| 52-week / 12-month frame | 52-week range A$88.74–A$319.56; one-year change about -60% | 12-month change up 2.94% | Sell-off is limited to Cochlear |
| FY26 guide check | A$7.71 bln market cap / A$310 mln guide midpoint | n/a | About 25 times revised profit |
Cochlear lowered its FY26 underlying net profit forecast in April to A$290 million-A$330 million, down from its previous range of A$435 million-A$460 million. The company pointed to weaker implant demand in developed markets, uncertainty in the Middle East, a stronger Australian dollar, a lower gross margin, and changes to its cost structure. Cochlear also projected second-half sales growth of 2%-6% in constant currency.
Chief Executive Dig Howitt said in the filing: “We remain confident of our market leadership,” adding that market share “has been improving.” He said: “The clinical need for cochlear implants continues to grow,” noting that adults and seniors are still the main long-term target group. ASX Announcements
That’s the bull case. The bear case is that the company must now spend more to achieve that growth. Morningstar analyst Shane Ponraj said after the April warning that “the market was blindsided” and Morningstar now expects “lower earnings growth for longer.” Morningstar cut its fair value estimate for Cochlear by 51% to A$110, below Friday’s close. Morningstar
Consensus is more moderate. According to Investing.com, 16 analysts cover Cochlear. Seven rate it a buy, eight as hold and one as sell. The average 12-month target is A$127.18, with estimates ranging from A$95 to A$170. That suggests 7.75% upside from the last close.
The coming week coincides with Cochlear’s June 30 year-end. In April, the company listed four profit items for traders to compare against the A$310 million midpoint: up to A$10 million due to Middle East receivables risk, around A$20 million from lower overhead recoveries, A$18 million-A$25 million in cost base reshaping, and about A$25 million after tax from a stronger Australian dollar. A A$25 million move is roughly 8% of the midpoint.
Healthcare stocks weighed on the ASX 200 on Friday, but the index still ended a bit higher. The broader market slipped 64.5 points for the week, or 0.73%. AMP’s Shane Oliver told ABC that Australian shares dropped in part due to a weak global lead, softer commodity prices and bank profit-taking.
According to TradingView, Cochlear will report earnings on Aug. 13. Before then, updates on June-quarter implant volumes, referral trends or Middle East collections will have more impact than minor share price changes.
