<div id="readability-page-1"><div>** Morningstar analysts see shares of Australia's Cochlear as slightly overvalued as market extrapolates high cochlear unit sales** Investment research firm expects revenue growth for hearing implant maker to moderate as average selling prices decline, given mix shift to lower-price emerging markets** Says demand for Cochlear's sound processor upgrades softening with patients delaying upgrades due to cost-of-living pressures and satisfaction with older sound processors** Notes next-largest competitor, Med- El, is also winning market share with its new sound processor offering, Sonnet 3** Average rating of 15 analysts is &#34;hold&#34;; their median PT is A$299.77 – according to data compiled by LSEG ** Stock down nearly 11% YTD</div></div>

CHEOY

Morningstar analysts consider Australia's Cochlear shares slightly overvalued, expecting revenue growth to moderate due to declining average selling prices and softening demand for sound processor upgrades. Med-El, a competitor, is gaining market share with its Sonnet 3 processor. The average analyst rating is "hold" with a median price target of A$299.77. Cochlear's stock is down nearly 11% year-to-date.

Morningstar sees Australia's Cochlear shares as slightly overvalued