Sydney, Feb 17, 2026, 17:54 (AEDT) — Market closed.
Cochlear Ltd (COH.AX) finished Tuesday at A$199.81, slipping 0.34%. Shares are still hovering just above the 52-week low, sitting roughly 37% under this year’s high. Investors remain uneasy about ongoing issues tied to the company’s launch of the Nucleus Nexa implant system. (Investing.com)
Beneath the muted shift, investors are still searching for a bottom after that steep reset—suddenly, every broker note lands like a headline. For some, it looks like a rare buying window for a top-tier med-tech player. For others, it’s a growth story that’s started to stumble.
The S&P/ASX 200 inched up 0.24% on Tuesday, trading on relatively steady ground as most of Asia remained quiet due to the holidays. (Reuters)
Morgans sounded a note of caution in its Feb. 15 update, pointing to “longer than anticipated contracting” around the Nexa system as weighing on Cochlear’s first-half numbers. The broker trimmed its target price to A$214.93 and shifted the stock to Hold, following the recent slide. Target prices reflect brokers’ views on where a stock might land in the next year. (Morgans)
Cochlear is flagging contracting and pricing as the main headache right now. During its HY26 results, the company acknowledged that the “contracting process took longer than anticipated” as it pushed for higher prices. Management is now guiding for FY26 underlying net profit to land at the bottom end of the A$435 million to A$460 million range. There’s more: if the Australian dollar holds near where it is, Cochlear estimates profit could take a further A$30 million hit through the rest of FY26, based on its own calculations.
Graham Witcomb at Intelligent Investor didn’t mince words: “rollout timing issues, pricing resets, higher inventory, and weaker margins all hit at once,” he wrote. (Intelligent Investor)
Bargain hunting showed up on Monday. Cochlear managed a 0.64% gain to A$200.50 after dipping to A$197.76 the day before, but buyers barely nudged it higher; shares remained stuck at the low end of their recent range. (FNArena.com)
Still, risks haven’t gone away. Hospital and clinic deals could remain sluggish, or rivals might ramp up price cuts in the Acoustics (hearing-aid) segment. If either scenario plays out, the hoped-for second-half bounce that bulls are counting on might not materialize in the results.
Dividend-focused investors take note: Cochlear has set its interim dividend at A$2.15 per share. Shares go ex-dividend on March 19, so only holders on the books before then will be eligible for the April 13 payment. (Company Announcements)
Looking ahead to the next session, traders are zeroed in on two main points: Cochlear’s grip on that A$200 level as brokers update their price targets, and whether the chatter about Nexa’s contracts being “largely complete” actually translates to more consistent sales and margins through the second half.
