A couple of very popular ASX 200 shares have released updates this week and the team at Morgans has been digging into them.
Does the broker rate them as buys this week? Let's see what it is saying after running the rule over their updates:
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Cochlear Ltd (ASX: COH)
This hearing solutions company's shares came crashing down to earth on Wednesday after making a major downgrade to its FY 2026 guidance.
While some of this downgrade has been driven by geopolitical impacts, the main driver was a surprising decline in demand in developed markets.
Morgans notes that this demonstrates that cochlear implant (CI) demand is more cyclical and macro-sensitive than previously assumed. As a result, it has put a hold rating on its shares with a heavily reduced price target of $107.17 (from $214.93). This compares to its current share price of $92.88. It said:
COH has delivered a material downgrade to FY26 earnings, cutting guidance by c30% at the midpoint. While FX, geopolitics and cost actions contributed, the key takeaway is more fundamental, with CI demand, especially in developed markets, proving to be more cyclical and macro-sensitive than previously assumed.
This challenges the market's long-held view as a structural, volume-driven growth story largely insulated from economic cycles. While we view long-term fundamentals as intact, near-term earnings visibility has deteriorated materially, so we wait for demand stabilisation before re-engaging. We adjust our FY26-28 estimates and lower our target price to A$107.17 HOLD.
Northern Star Resources Ltd (ASX: NST)
Another ASX 200 share that Morgans has been looking at is gold miner Northern Star.
It was pleased with the company's performance, noting that gold sold came in above its revised expectations thanks to improvements following production issues.
In addition, it notes that a $500 million buy back has been announced, that is commencing today.
In response to the update, the broker has retained its buy rating and $30.00 price target on Northern Star's shares. This implies potential upside of 33% for investors. It said:
Gold sold of 381koz at AISC of A$2,709/oz beat our revised expectations, with sequential improvement across all three production centres following ongoing production issues. KCGM Mill Expansion on track for commissioning in early FY27; FY26 guidance has been provided and is above 1,500koz at AISC of A$2,600–2,800/oz. Net cash of A$320m; A$500m on-market buy-back announced, commencing ~23 April. We maintain our BUY rating, price target A$30.00ps (unchanged).
