It’s been well documented that ASX technology and healthcare stocks are trading at long-term lows.
In fact, the S&P/ASX 200 Health Care Index (ASX: XHJ) is down 32% in the last year, and 17% in 2026.Â
For comparison, the S&P/ASX 200 Index (ASX: XJO) is down just 2% year to date, and remains up more than 6% over the last 12 months.
Yesterday, I compiled a list of the tech stocks that have drawn the most attention from brokers recently.
Now let’s look at the healthcare stocks also drawing the best long-term targets from experts.
It’s important to remember these targets are not guaranteed to be met, however they can help act as a guide of which stocks may have fallen past fair value.
Pro Medicus Ltd (ASX: PME)
Pro Medicus has been one of the most consistently covered healthcare stocks recently as it has continued to fall despite positive outlooks.
The company is a provider of medical imaging technology globally.
At the time of writing, Pro Medicus shares are 45% year to date.Â
This is despite the continued flow of new contract wins as the drivers of interest in its product remain firmly in place.
It closed yesterday at $120.79 per share.
However, brokers see plenty of room for a rebound.
Recently, Bell Potter placed a buy rating and $240.00 price target, suggesting almost 100% upside over the next 12 months.
Meanwhile, Morgans is even more bullish, with a buy rating and a $275.00 price target.
Cochlear Ltd (ASX: COH)
It’s a similar story for Cochlear.
The company is the world’s leading cochlear implant device manufacturer with around half of global market share.
Its share price is currently down 36% year to date, closing yesterday at $165.63 each.
However, brokers are confident a recovery is coming.
UBS recently retained their buy rating and $302.00 price target on this healthcare stock
According to a note out of the broker, it believes that recent share price weakness has created an attractive entry point for investors.
This price target indicates Cochlear shares could nearly double in the next 12 months.
The team at Wilsons also recently released a positive outlook on the company based on valuation terms.
Wilsons pointed out that Cochlear was trading on a forward P/E multiple of ~26x, in mid-March.
This represented a >10 year low at the time and a material discount to its 10-year average of ~42x.
The share price has only fallen further since that analysis.
The post The ASX healthcare stocks with the biggest upside according to brokers appeared first on The Motley Fool Australia.
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More reading
- 5 things to watch on the ASX 200 on Thursday
- Buy, hold, sell: NAB, Pro Medicus, and Telstra shares
- Top brokers name 3 ASX shares to buy today
- 3 top blue-chip ASX 200 shares that look dirt cheap right now
- I’m listening to Warren Buffett and loading up on cheap ASX shares
Motley Fool contributor Aaron Bell has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Cochlear. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Pro Medicus. The Motley Fool Australia has recommended Cochlear and Pro Medicus. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.