Australia's Cochlear extends losses on rating downgrade after earnings forecast cut

Cochlear

23/04/2026 01:52

Updates with share moves

** Hearing implant maker Cochlear COH.AX falls as much as 1.70% to A$97.89, set for a third straight session of losses

** COH third‑biggest drag on the healthcare sub-index .AXHJ, which is little changed

** Stock's relative strength index slips below 30 for the first time since late March, a level widely seen as signalling oversold conditions

** Citi say COH's trading update on Wednesday highlighted a "laundry list of headwinds far beyond what we think most anticipated"

** COH stock crashed over 40% on Wednesday after co slashed its forecast for annual earnings

** Citi downgrades rating to "sell", reduces price target to A$95/shr

** Brokerage sees lower-than-expected demand for implants from co in developed markets amid persistent reductions in discretionary spending

** Citi cuts its forecast for implant growth rate from high to mid-single digits

** Brokerage lowers FY26 NPAT estimates for the firm by 22%

** YTD, COH down 62.2%, sharply underperforming AXHJ's 22.2% decline

 (Reporting by Shivangi Lahiri and Kumar Tanishk in Bengaluru)

 ((shivangi.lahiri@thomsonreuters.com))