** Morningstar reiterates A$110 fair value estimate for Cochlear Ltd COH.AX; says shares are slightly undervalued, is more optimistic than the market on resilience of cochlear implant demand

** Investment research firm says hearing implant maker will benefit from its new product, Nexa

** Says co to realise this from 2H26 as hospital approval bottlenecks resolve and availability improves

** Morningstar notes firm earns large proportion of its revenue from sound processor upgrades and accessories used in implants which offsets risk of increased price pressure from competitors

** Expects 7% average revenue growth from FY27 vs guidance of about 4% in 2H26, driven by Nexa uptake and penetration in emerging markets with faster birthrates and rising affordability

** YTD, COH down 62.9%, as of stock's last close