The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen has positions in Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Telix Pharmaceuticals and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has positions in and has recommended Telstra Group and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has recommended Telix Pharmaceuticals. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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.

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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.