WiseTech Global Ltd (ASX: WTC), Cochlear Ltd (ASX: COH), and CSL Ltd (ASX: CSL) shares have been through the wringer over the past 12 months.
At the time of writing on Tuesday, the three companies are the worst-performing shares on the S&P/ASX 200 Index (ASX: XJO) for the past 12 months.
The question is, can they rebound this year? Or is there more downside ahead?
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What to expect from WiseTech shares in 2026
WiseTech shares are bucking the trend today and have climbed around 4% higher to $40.71 at the time of writing.
For context, the ASX 200 Index is down around 1%.
The latest uptick is good news for investors but it barely makes a dent in the volume of losses WiseTech shares have shed over the past 12 months.
After the tech stock suffered a steep and sustained share price crash, WiseTech shares are now down around 40% for the year to date and around 61% lower than 12 months ago.
The shares were driven lower by the tech-sector wide sell-off and an investor rotation to more stable assets amid global volatility earlier this year.
But I think the company shows huge potential for a rebound.
The company's CargoWise platform is deeply embedded in the global logistics industry. That means it's difficult to replace and gives WiseTech a strong competitive advantage in the market.
CEO Zubin Appoo also recently commented that AI is strengthening the company's advantage in the market, unlocking efficiency gains and adding value to customers.
I think a proven stronger FY26 result in August will create a turnaround in investor sentiment. If the company's financials meet expectations then I think we'll see investors quickly snap up the shares.
Market Index data shows brokers have a strong buy consensus on WiseTech shares. They tip a potential 87% upside over the next 12 months to an average $76.43 target price, at the time of writing.
What to expect from Cochlear shares in 2026
Cochlear shares have fallen further into the red on Tuesday, down around 3% to $98.08 at the time of writing. The decline means the shares are now trading 62% lower for the year-to-date and are 64% lower than 12 months ago.
Cochlear shares crashed in April after the ASX healthcare company downgraded its FY26 earnings guidance, citing weaker conditions across developed markets and softer demand. The update was one of the worst earnings downgrades in the company's listed history.
The downgrade also came off the back of a softer-than-expected half-year result in February this year.
Meanwhile, Cochlear has also endured a sector-wide rotation away from ASX healthcare shares this year, as global volatility, a weaker US dollar, higher US tariffs, and increased labour costs prompted investors to sell up their holdings.
But after such a sharp sell off, I think the shares are now well below fair value.
Despite the earnings downgrade, Cochlear remains a strong, globally dominant business and its long-term outlook is intact.
While the company's short-term earnings have changed, forecasts suggest that there will see a recovery over the next one or two years.
It's not clear whether we'll see any upside by the end of 2026, but brokers are confident the shares can rebound in the next 12 months.
They rate the shares as a buy and tip a 102% upside to $196.95.
What to expect from CSL shares in 2026
CSL shares are also trading in the red again on Tuesday, down around 2% to $92.50 at the time of writing. The stock is now down 46% for the year-to-date and around 63% lower than 12 months ago.
CSL shares suffered their biggest-ever one-day crash in early-May after the company lowered its FY26 outlook after interim CEO Gordon Naylor completed his 90-day review.
The company cited weakness in China albumin pricing, inventory normalisation in the US immunoglobulin market, and several operational factors weighing on profitability.
This downgrade reinforced investor concerns that earnings momentum is still under pressure.
CSL shares have also been affected by the broad market rotation away from healthcare-related stocks this year.
The good news is that CSL has said its growth initiatives are working. But the company also said that the financial benefits will take longer than previously expected.
I think there will be a rebound eventually, but not in 2026. In fact, I'm expecting more downside ahead before the shares start to rebound.
While the majority of brokers rate CSL shares as a hold, the stock could rise as much as 66% based on the average price target of $153.62.
