Cochlear Ltd (ASX: COH) shares are up around 1% in early morning trade at $140.22 a piece.
This morning's increase means the shares have now climbed 9% higher over the past week alone, and they're up 56% from a 10-year low recorded in late April.
It's certainly a step in the right direction, and the increase is great news for Cochlear investors. But the shares are still around 51% lower than a year ago, so there is still a long way for them to go before they return to the highs recorded in late 2025.
But what about a more achievable target?
Cochlear shares are slowly creeping back up to $150. Can they break that barrier?
Image source: Getty Images
Here's what the experts tip next
Market Index data shows that all brokers agree to a hold rating on Cochlear shares. The average target price is $131.37 a piece, which implies around a 6% downside at the time of writing.
TradingView data shows something similar. The majority (16 out of 18) of analysts have a hold rating on the shares. Another two rate Cochlear shares as a sell.
The average target price is a little higher, at $138.53, but that still implies around a 1% downside at the time of writing.
But there are some more bullish experts who think that it's possible for Cochlear shares to break past $150 over the next 12 months. The maximum target price is actually much higher than the $150 level, at $165 each, which implies a potential 18% upside from the trading price at the time of writing.
The team at Morgans retained a hold rating on the healthcare company after its FY26 results announcement. The team said that while the result was mixed, underlying NPAT came in ahead of forecasts and revenue was broadly in line. Cochlear's FY27 NPAT guidance of $330 million to $350 million implies only modest growth and no material turn in earnings.
What could drive Cochlear shares higher this year?
It's no secret that 2026 has been a difficult year for the medical hearing implant device company. Cochlear has suffered from several strong headwinds, including a sector-wide rotation away from ASX healthcare shares this year.
But the company's latest result does suggest that business is getting back on track.
Looking ahead, I still see Cochlear as a strong, globally dominant business with its long-term outlook intact. I think the steep sell-offs this year were overdone.
The company's AGM next week could help provide more insight into how the company is tracking so far in FY27. And in the absence of bad news, I think Cochlear shares could keep climbing higher past $150 in the coming months.
