Why Accent, Mineral Resources, Newcrest, and Whitehaven Coal shares are dropping

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing, the benchmark index is up 0.4% to 7,495.7 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:

Accent Group Ltd (ASX: AX1)

The Accent share price is down 3% to $2.04. This morning, analysts at Morgans responded to the retailer’s trading update by retaining their hold rating on the company’s shares with an improved price target of $2.20. While the broker was impressed with Accent’s update, it feels there are better value options in the sector for investors.

Mineral Resources Ltd (ASX: MIN)

The Mineral Resources share price is down over 2% to $92.12. This appears to have been driven by a broker note out of Goldman Sachs. According to the note, the broker has downgraded the mining and mining services company’s shares to a neutral rating with a trimmed price target of $87.00. Goldman made the move on valuation grounds, noting: “Since upgrading MIN to a BUY on 11 April 2022, the stock is up ~58% vs. the ASX200 roughly flat (-0.2%) over the same period.”

Newcrest Mining Ltd (ASX: NCM)

The Newcrest Mining share price is down almost 3% to $22.33. This may have been caused by a broker note out of UBS. Its analysts weren’t overly impressed with the gold miner’s quarterly update. This has led to the broker cutting its earnings estimates and valuation accordingly. That latter has seen UBS retain its neutral rating but cut its price target to $21.00. It sees better value in other gold shares.

Whitehaven Coal Ltd (ASX: WHC)

The Whitehaven Coal share price is down 6% to $8.49. This is despite there being no news out of the coal miner. Though, it is worth noting that other coal shares are sinking on Friday. On another note, this morning Origin Energy Ltd (ASX: ORG) released an update this morning and spoke about the proposed coal price cap and the compensation it may receive.

The post Why Accent, Mineral Resources, Newcrest, and Whitehaven Coal shares are dropping appeared first on The Motley Fool Australia.

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More reading

• Mineral Resources share price falls on Goldman Sachs downgrade
• Invested $1,000 in Mineral Resources shares 10 years ago? Here’s how much passive income you’ve made
• 5 things to watch on the ASX 200 on Friday
• Forget gold! ASX 200 blue-chip shares could be the new safe-haven asset
• Why Accent, Iluka, Myer, and QBE shares are charging higher today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Accent Group. 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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