The S&P/ASX 200 Index (ASX: XJO) has climbed slightly higher on Tuesday off the back of easing oil prices and an increase in interest in tech or AI shares.
Let's find out how major stocks South32 Ltd (ASX: S32), Cochlear Ltd (ASX: COH), and Westpac Banking Corp (ASX: WBC) are tracking this week, and what brokers are forecasting to happen next.
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Brokers rate South32 shares a buy
South32 shares are trading at $4.88 each at the time of writing. The current trading price represents an 8% decline from the company's multi-year high of $5.30 in early September. In fact, South32 shares have rallied strongly over the past year and are now around 86% higher than they were 12 months ago.
In August, the miner posted a couple of good-news announcements that had investors jumping for joy.
It announced a substantial jump in its ore reserve estimate at its Sierra Gorda mine, which extends the mine's reserve life by another five years, to 2045. The Sierra Gorda copper mine, in which South32 holds a 45% stake, is a large, open-pit operation in northern Chile.
The announcement was followed soon after by South32's impressive FY26 earnings result. The miner posted a 1% increase in revenue from continuing operations, a 28% increase in EBITDA, and a 55% increase in underlying earnings.
The company also declared a final fully-franked dividend of 5.4 US cents per share for FY26, which is almost double the miner's final dividend for FY25.
And it looks like brokers are bullish that the shares can now rebound close to the multi-year highs we saw a couple of weeks ago.
According to Market Index data, the majority of brokers have a buy rating on South32 shares. And the $5.13 average target price implies an upside of around 5% at the time of writing.
Brokers rate Westpac shares a sell
Westpac shares have come under pressure over the past six weeks amid renewed inflation concerns, interest rate fears, and a weakening Australian property market.
Westpac shares are trading at $34.94 at the time of writing, representing a 10% year-to-date decline and roughly 9% lower than 12 months ago.
The ASX bank stock posted its third-quarter FY26 update in early August. And while the result was good on the surface, including a 1% increase in operating income and a steady net interest margin of 1.89%, Westpac also raised some red flags around weaker mortgage demand.
Westpac's mortgage application volumes declined through the period as competition intensified and borrowers continued to navigate interest rate uncertainty. The bank said that mortgage growth is likely to continue to be challenging.
Market Index data shows that brokers have now lost confidence in the ASX bank stock. The majority of experts have a sell rating on Westpac shares, and the $34.18 average target price implies a downside of around 2% over the next 12 months, at the time of writing.
Brokers rate Cochlear shares a hold
Cochlear shares have staged an impressive rebound since hitting a 10-year low of just $90 each in late April. At the time of writing, the shares have recovered around 57% and are changing hands at $140.82. For the year to date, the shares are still down around 46%, and they're 52% lower than 12 months ago.
It's clear that investor sentiment has been consistently recovering, boosted by renewed investor interest in ASX healthcare shares overall.
The company has also posted a couple of good news announcements, which have helped boost investor confidence further.
In July, Cochlear announced that its hearing implant systems will continue to be imported into the US duty-free after the US Government released its findings from a series of Section 301 investigations.
The following month, management posted an impressive FY26 result, including an underlying net profit of $322 million, down 22% but right at the top end of guidance.
And looking ahead to FY27, Cochlear expects low-single-digit constant currency revenue growth and an underlying net profit between $330 million and $350 million.
According to Market Index data, the majority of brokers have a hold rating on Cochlear shares. But after the latest share price rally, the $126.07 average target price implies a downside of around 10% at the time of writing.
