Davis, who won her first title in Auckland 2017, managed to win two preliminary round matches before reaching the final and winning the title without dropping a set.
Cocharito, 21, knocked out Sofia Kenin, who had previously won the Hobart International and Australian Open tournaments, in three sets to reach the final.
Davis saved two points for losing the first set and pushed her to a decisive game, which she won easily without losing any point, before breaking her opponent’s serve at the beginning of the second set.
“I have a lot of emotions right now,” Davis said. “I am very happy and excited. I had to do my best to win today.”
Davis, 29, became the fourth player coming from the preliminary rounds to win the Hobart Championship, following Germany’s Mona Bartel, Spain’s Garbiñe Muguruza and Belgium’s Elise Mertens.
