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<\/p>\nBroadly speaking, the ASX-listed healthcare sector is struggling to break out of its “multi-year downgrade cycle”, according to the team at Wilsons Advisory. <\/p>\n
But that doesn’t mean there aren’t bargains to be had, with some shares oversold and others not yet hitting the highs they should be, according to the broking house. <\/p>\n
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Image source: Getty Images<\/p>\n
ASX healthcare stocks a bargain <\/p>\n
Wilsons has put out a research note to clients which suggests there are genuine bargains to be had among the ASX healthcare majors.<\/p>\n
They said regarding the sector:<\/p>\n
After a challenging period for healthcare returns, valuations across the sector have become increasingly attractive. At the index level, the ASX 100 Healthcare sector now trades at two-decade lows on a relative P\/E basis. Every Canaccord Genuity-covered ASX 100 healthcare name currently offers material upside to our equity research team’s target prices. Most companies are also trading at multi-year low earnings multiples and well below historical averages, despite generally maintaining compelling growth outlooks. Broadly speaking, this backdrop presents an attractive risk\/reward for the sector which \u2013 alongside compelling bottom-up stock stories \u2013 supports the Focus Portfolio’s overweight exposure.<\/p>\n
Regarding particular stocks, Wilsons says the Canaccord Genuity price target for ResMed Inc (ASX: RMD<\/a>) is $46.50, implying 33% upside. <\/p>\n Wilsons said the sleep apnoea device maker’s results were “solid”, and looking forward, there was continued growth in sleep apnoea diagnoses, which boded well.<\/p>\n Wilsons said the valuation of the shares remained “undemanding” and they were trading well below their 10-year average from a price-to-earnings (P\/E) point of view.<\/p>\n Cochlear Ltd (ASX: COH<\/a>) shares were trading at a steep 64% discount to the Canaccord Genuity target price, Wilsons said.<\/p>\n They added that they believed Cochlear was “one of the highest quality companies on the ASX” with a 60% share of the cochlear implant market. <\/p>\n They added:<\/p>\n Cochlear is approaching an inflection point in its earnings growth trajectory<\/a>, supported by the ongoing global rollout of Nucleus Nexa (approved in mid-2025), which is its most significant product launch in over two decades.<\/p>\n