S&P/ASX 200 Index (ASX: XJO) shares are in the red for a fourth consecutive day, down 0.46% to 8,752.8 points.
The world is waiting for a fresh round of negotiations between the US and Iran to begin, as the global oil shock continues.
Meanwhile, the International Monetary Fund has warned of a global recession given the long-tail impact of energy supply shocks.
Amid this ongoing turmoil, brokers have reduced their ratings on six ASX 200 shares this week.
Let’s take a look.
Macquarie Group Ltd (ASX: MQG)
The Macquarie share price is $231.83, up 0.5% today.
Over the past month, this ASX 200 bank share has lifted substantially, up 19%.
UBS downgraded Macquarie shares to a hold rating yesterday.
The broker considers the stock almost fully valued, given its 12-month price target of $235.
4DMedical Ltd (ASX: 4DX)
The 4DMedical share price is 7% lower on Friday at $4.91.
This ASX 200 healthcare share has skyrocketed 1,650% over 12 months.
Jefferies downgraded 4DMedical shares to a hold rating yesterday.
However, the broker believes this stock’s value can continue to grow.
Its 12-month price target is $5.90, implying a potential 17% capital gain ahead.
QBE Insurance Group Ltd (ASX: QBE)
The QBE share price is $22.39, up 0.09% today.
The ASX 200 insurance share has lifted 13% in the year to date (YTD).
Macquarie downgraded QBE shares to a hold rating with a $25.10 price target on Friday.
Sandfire Resources Ltd (ASX: SFR)
The Sandfire Resources share price is $17.26, up 0.2% today.
The ASX 200 copper share has experienced a remarkable run over the past 12 months, rising 73%.
The copper commodity price climbed 42% in 2025 due to rising demand amid the green energy transition.
Sandfire Resources shares reached an all-time high of $21.75 per share in January.
Copper was sold off alongside other metals in February but has rebounded strongly since mid-March.
UBS downgraded Sandfire Resources shares to a sell rating today.
The broker reduced its 12-month price target from $17.70 to $16.75.
TechnologyOne Ltd (ASX: TNE)
The TechnologyOne share price is $28.64, down 3.8% today.
TechnologyOne lost a quarter of its valuation amid the tech wreck that began in 1H FY26.
The ASX 200 tech share is down 26% over the past six months but has rallied 4.5% this month amid a sector turnaround.
Morgans downgraded TechnologyOne shares to a hold rating today.
The broker has a price target of $31.20, implying a potential 9% upside ahead.
Reece Ltd (ASX: REH)
The Reece share price is $13.63, up 1% today.
This ASX 200 industrial share is down 12% year over year, but has lifted 13.6% over the past six months.
Morgans downgraded Reece shares to a hold rating today.
The broker reduced its 12-month price target from $17.70 to $14.10.
This still suggests a near-5% upside ahead.
The post 6 ASX 200 shares downgraded by brokers this week appeared first on The Motley Fool Australia.
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More reading
- 3 ASX shares I’d buy if the market dropped again
- Here are the top 10 ASX 200 shares today
- Sandfire Resources lifts cash and revenue in March quarter update
- What are experts saying about these red hot ASX 200 shares?
- 3 stellar ASX growth shares to buy now with 30% to 70% upside
Motley Fool contributor Bronwyn Allen 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 Macquarie Group and Technology One. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool Australia has recommended Technology One. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.