Cochlear Ltd (ASX: COH) shares edged 0.3% higher to $113.34 during Tuesday afternoon trade. That modest gain follows a 4% decline on Monday and caps off an extraordinary few months for investors.

The ASX healthcare stock has rebounded 17% over the past month, yet it remains down a staggering 57% year to date. With the share price swinging wildly, many investors are wondering what’s driving the volatility and where Cochlear goes from here.

Why have Cochlear shares been so volatile?

To understand the recent moves, it’s worth remembering just how painful April was for investors in Cochlear shares.

The biggest blow landed on 22 April when Cochlear released a trading update that shocked the market.

Investors rushed for the exits after the company reported weaker demand for its hearing implants across developed markets. Management also highlighted cancellations and delivery delays in the Middle East due to the ongoing regional conflict.

The result was one of the most dramatic share price reactions seen on the ASX this year. Cochlear shares plunged 40.7% in a single trading session.

The disappointing update forced management to slash its FY 2026 underlying net profit guidance to between $290 million and $330 million. That was a significant downgrade from its previous forecast range of $435 million to $460 million.

Since then, investors have been trying to determine whether the setback represents a temporary disruption or a more serious threat to the investment case.

Has the long-term story changed?

While earnings expectations have clearly deteriorated, Cochlear’s competitive position remains largely intact.

The company still controls roughly half of the global cochlear implant market, making it the clear industry leader. That market leadership has been built over more than four decades of investment in research, development, and innovation.

Its products are deeply embedded within healthcare systems around the world, creating significant barriers for competitors attempting to win market share.

Perhaps even more importantly, the long-term growth runway remains substantial.

The addressable market is estimated to exceed six million patients across developed markets alone, yet penetration remains only around 3%. That leaves significant room for future growth if awareness, diagnosis rates, and adoption continue to improve.

An ageing population, increasing awareness of hearing loss, and ongoing advances in implantable hearing technology should also support long-term demand and the price of Cochlear shares.

What do analysts think?

Analyst sentiment on Cochlear shares remains cautious but not outright bearish.

TradingView data shows most brokers currently rate Cochlear shares as a hold. The average price target sits at $129.12, implying approximately 13% upside from current levels.

Bell Potter is among the brokers maintaining a hold recommendation.

The long term opportunity for this hearing implants maker remains compelling, supported by a large addressable market, strong brand position and an attractive product pipeline. However, near term trading conditions have softened in response to weaker referral activity in the US, hospital capacity constraints in Europe and reimbursement changes in China. Until there’s clearer evidence that volumes are stabilising, a more balanced stance is appropriate. The long term growth story and product pipeline remain intact.

For now, many analysts appear willing to wait for clearer evidence that implant volumes are stabilising before becoming more constructive on the stock.

That means Cochlear’s long-term growth story remains intact, but investors may need to be patient as the company navigates a difficult operating environment.

The post What on earth’s going on with Cochlear shares? appeared first on The Motley Fool Australia.

More reading

• Buy, hold, sell: Charter Hall, Northern Star, Cochlear shares
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• Healthcare shares led the ASX 200 last week. Is a sector comeback underway?
• Where I’d invest $2,000 in ASX 200 shares
• Here are the top 10 ASX 200 shares today

Motley Fool contributor Marc Van Dinther 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 has recommended Cochlear. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Liontown Ltd (ASX: LTR) shares are down around 2.5% and trading at $1.86 a piece in Tuesday afternoon trade.

Today’s decline means the ASX 200 lithium shares have now crashed 30% from a three-year high recorded in early May. 

Thankfully, after a strong start to the year, the shares are still 14% higher year to date and a huge 181% higher than 12 months ago.

For context, the S&P/ASX 200 Index (ASX: XJO) is up around 0.1% today and around 1% higher for the year to date.

What happened to Liontown shares?

ASX lithium mining shares like Liontown experienced a strong uptick in the first few months of 2026, driven by resurging lithium prices and soaring investor sentiment. 

Liontown rode the lithium rebound, and at the same time, investors have been pleased with the company’s production growth potential. It looks like investors leaned into Liontown shares this year on the pretence that it has a long-term ability to benefit from strong lithium pricing and expanding global EV demand.

The miner’s development pipeline and exposure to future supply chains have also attracted investor attention.

But while the commodity boom is a strong tailwind for the miner, there is also a drawback.

Liontown is practically a pure-play lithium miner, and its assets are overwhelmingly lithium-focused. This means it is sensitive to and heavily dependent on lithium price trajectories. 

If the price rally starts to reverse, the business is at risk.

And that’s exactly what has played out in Liontown’s share price.

Trading Economics data shows that lithium carbonate prices spiked to a multi-year high in mid-May. But now prices have dropped to around CNY157,000 (approx. AU$33,210) per tonne, the lowest level in ten weeks, following speculation that one of the world’s largest lithium mines could resume operations soon.

Trading Economics explained that Contemporary Amperex Technology‘s Jianxiawo mine in Jiangxi province was suspended last year due to permitting issues. But there has been a recent government notice about a preliminary land assessment. And this has fueled expectations that the site could restart in the second half of 2026. 

The concern is that a potential restart could weigh heavily on prices at a time when the market is still concerned about global lithium oversupply. This, combined with overall sector-wide weakness, can continue driving the lithium stock lower.

The question now is, what can we expect from Liontown shares next?

Are the shares a buy, sell, or hold now?

Analysts are divided about the outlook for the lithium miner over the next year. 

TradingView data shows that sentiment is split. Out of 12 analysts, five have a strong buy rating, four rate the miner as a hold, and three have a sell or strong sell stance.

The average $2.20 target price, however, implies a potential 17% upside at the time of writing. 

But the range between the minimum and maximum target prices is huge. Some tip the shares to crash another 50% to just 95 cents, while the more bullish of the bunch think there is potential for Liontown shares to climb another 60% to $3 each.

The post Liontown shares crash 18% in a month: What happened? appeared first on The Motley Fool Australia.

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Motley Fool contributor Samantha Menzies 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 Contemporary Amperex Technology,. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The S&P/ASX 200 Index (ASX: XJO) is a touch lower on Tuesday, despite another decent session for the big banks.

At the time of writing, the ASX 200 is down 0.07% to 8,809 points.

The index has moved around during the session. It climbed as high as 8,849.9 points earlier in the day before falling to a low of 8,798.4 points.

At the latest check, 139 of the top 200 shares are trading lower, while 51 are higher and 10 are unchanged.

Bank stocks provide some support

The main reason the ASX 200 isn’t down further is the support coming from the big banks.

Commonwealth Bank of Australia (ASX: CBA) shares are up 0.67% to $164.50, while Westpac Banking Corp (ASX: WBC) shares are 1.01% higher at $35.475.

National Australia Bank Ltd (ASX: NAB) shares are up 1.19% to $38.32, and ANZ Group Holdings Ltd(ASX: ANZ) shares are 1.28% higher at $35.70.

Macquarie Group Ltd (ASX: MQG) is also helping, with its shares up 0.81% to $249.92.

That strength is helping offset weakness elsewhere, especially with several large resource names trading lower.

CSL Ltd (ASX: CSL) is also lending a hand. Its shares are up 1.36% to $114.41.

Resources stocks hold back the ASX 200

The resources side of the market is under pressure today.

BHP Group Ltd (ASX: BHP) shares are down 0.18% to $60.23, while Woodside Energy Group Ltd (ASX: WDS) shares are 0.57% lower at $28.605.

Although gold and lithium stocks are seeing heavier selling.

Northern Star Resources Ltd (ASX: NST) shares are down 2.45% to $20.68, Evolution Mining Ltd (ASX: EVN) shares are 1.81% lower at $12.75, and Lynas Rare Earths Ltd (ASX: LYC) shares are down 2.44% to $18.165.

PLS Group Ltd (ASX: PLS) is also being sold off, with its shares down 2.80% to $5.37.

US tech jitters are still being watched

Local investors are keeping an eye on Wall Street after another choppy session for US tech stocks.

The Nasdaq Composite Index (NASDAQ: .IXIC) was pressured by weakness in large tech names, including Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) and Space Exploration Technologies Corp (NASDAQ: SPCX).

US futures are also lower during local trade, which has kept buyers cautious around growth stocks.

That is flowing through to some ASX tech shares. Pro Medicus Ltd (ASX: PME) shares are down 1.20% to $172.55, while REA Group Ltd (ASX: REA) shares are 1.78% lower at $133.35.

Where does the ASX 200 go from here?

The ASX 200 is still up 1.1% since the start of 2026 and around 4% over the past year.

Still, today’s session shows the market is leaning heavily on the banks.

If resources and tech keep slipping, the index may need more support from offshore markets to move higher.

The post Why is the ASX 200 stuck in the red today? appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras 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 Alphabet, CSL, and Macquarie Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Lynas Rare Earths Ltd and Pro Medicus. The Motley Fool Australia has recommended Alphabet, BHP Group, CSL, Macquarie Group, and Pro Medicus. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.