The S&P/ASX 200 Index (ASX: XJO) has climbed higher this week after the Reserve Bank pointed to slower spending growth, a weakening labour market, and a softer housing market.
At the time of writing, the index is up over 3% for the week so far.
Improving sentiment could act as a tailwind for some of the most beaten-down ASX 200 stocks on the index, as investors sometimes look towards undervalued shares when volatility starts to ease.
Here's what brokers expect from three of the worst-performing ASX 200 shares next.
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CSL Ltd (ASX: CSL)
The ASX biotech company's shares have lost around 54% of their value over the past 12 months.
In May, CSL announced FY26 revenue guidance of around US$15.2 billion and NPAT of around US$3.1 billion. Both of these figures came in below market expectations.
The company also flagged expectations of another US$5 billion of non-cash impairments across FY26 and FY27.
Investors haven't been impressed, and it looks like analyst sentiment has now shifted, too.
A few months ago, brokers were incredibly optimistic about the outlook for CSL shares, with the majority forecasting significant upside.
But now, Market Index data shows that the majority of brokers have downgraded their rating on CSL shares to a hold. The $131.15 average target price implies a potential 4% upside at the time of writing.
WiseTech Global Ltd (ASX: WTC)
WiseTech shares have suffered a steep, sustained price crash, driven mostly by a tech-sector-wide sell-off and an investor rotation to more stable assets amid global volatility earlier this year. At the time of writing, the shares are the worst-performers on the ASX 200, down 71% over the past 12 months.
Recent headwinds from following media reports that the Australian Federal Police is investigating founder Richard White over alleged trafficking matters haven't helped investor confidence.
Despite the crashing share price, it looks like analyst sentiment around WiseTech shares has barely shifted over the past few months. However, some price forecasts have been reduced.
Market Index data still shows the majority of brokers have a buy rating on the tech stock. At the time of writing, the $70.96 average target price implies a potential 104% upside over the next 12 months.
Cochlear Ltd (ASX: COH)
The beaten-down ASX healthcare shares are the second-worst performers on the ASX 200 at the time of writing, down around 62% over the past 12 months.
It's been a difficult year for the medical hearing implant device company. Cochlear endured several significant headwinds, including a sector-wide rotation away from ASX healthcare shares this year.
The shares have recovered around 35% since hitting a 10-year low in late April, but they're still struggling to regain trading levels seen earlier this year.
It looks like the experts are now uncertain that Cochlear shares can recover. Some believe the shares are now above fair value.
Market Index data shows that the majority of brokers have a hold rating on the stock. The $117.07 average target price implies a potential 4% downside ahead, at the time of writing.
