The S&P/ASX 200 Index (ASX: XJO) is on course to end its winning streak on Wednesday. In late morning trade the benchmark index is down 0.3% to 5,543.3 points.
Four shares that are falling more than most today are listed below. Here’s why they are sinking lower:
The AP Eagers Ltd (ASX: APE) share price is down 3% to $5.44. The catalyst for this decline appears to have been a broker note out of Credit Suisse. According to the note, the broker has downgraded AP Eagers’ shares to a neutral rating and cut the price target on them to $6.45. The broker made the move on valuation grounds after a strong recovery in its share price over the last couple of months. It also expects a sharp decline in profits this year.
The Lendlease Group (ASX: LLC) share price has fallen 3.5% to $11.26. This decline also appears to have been driven by a broker note. Although analysts at Ord Minnett have retained their buy rating on the property company’s shares, they have cut their price target down by a third to $14.00. Ord Minnett believes the next 12 months could be difficult, but the longer term looks positive.
The Pushpay Holdings Ltd (ASX: PPH) share price has dropped almost 2.5% to $6.65. This appears to have been driven by profit taking after the donor management platform provider’s shares rocketed to a record high this week. Investors have been buying Pushpay’s shares following the release of a strong full year result earlier this month.
The ResMed Inc. (ASX: RMD) share price is down 2% to $24.84. This follows a similar pullback in the medical device company’s U.S. listed shares overnight. Investors may be concerned that demand for its ventilators will decline if a COVID-19 vaccine is successfully developed in the coming months.
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More reading
- Why these ASX shares have just stormed to record highs
- 3 fantastic ASX shares to buy now to get rich later
- 3 ASX 200 healthcare shares I’d buy today
- Where to invest $500 in ASX shares right now
- Will these ASX car dealers bounce back after COVID-19?
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended PUSHPAY FPO NZX. The Motley Fool Australia has recommended ResMed Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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