Citi reduces PT for Australia's Cochlear post weak trading update

Cochlear

22/04/2026 21:48

** Analysts at Citi said Cochlear's COH.AX trading update on Wednesday highlighted a "laundry list of headwinds far beyond what we think most anticipated"

** Shares of the hearing implants maker crashed over 40% on Wednesday after a weak trading update

** Brokerage reduces price target for stock to A$95/shr; downgrades rating to "sell"

** Citi sees lower-than-expected demand for implants from co in developed markets amid persistent reductions in discretionary spending; brokerage cut its forecast for implant growth rate from high to mid-single digits

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

** COH down 61.8% YTD, as of last close

(Reporting by Shivangi Lahiri in Bengaluru)

((shivangi.lahiri@thomsonreuters.com))