S&P/ASX 200 Index (ASX: XJO) shares are down 0.2% at 9,000.9 points on Friday.

With reporting season now over, brokers have downgraded a series of ASX stocks after reviewing their financial results.

Let’s take a look at some of them.

WiseTech Global Ltd (ASX: WTC)

The Wisetech share price is $37.65, up 2.4% today.

Over the past month, this ASX tech share has fallen 1%.

Jefferies downgraded WiseTech shares to a hold rating following its FY26 results.

The broker reduced its 12-month price target from $60 to $45.

This still implies a potential 20% upside ahead.

Harvey Norman Holdings Ltd (ASX: HVN)

The Harvey Norman share price is $4.31, up 2.1% today.

Over the past month, this ASX retail share has descended 13%.

Jarden downgraded Harvey Norman shares to a hold rating following its FY26 results.

The broker has a 12-month price target of $4.50.

This implies a potential 4% upside ahead.

Ampol Ltd (ASX: ALD)

Ampol shares are $41.20, down 0.5% today after going ex-dividend.

Over the past month, this ASX energy share has risen 6%.

Jefferies downgraded Ampol shares to a hold rating following its FY26 results.

The broker has a 12-month price target of $45.

This implies a potential 9% upside ahead.

Paladin Energy Ltd (ASX: PDN)

The Paladin Energy share price is $11.49, up 2% on Friday.

JP Morgan downgraded this ASX uranium share to a sell call after Paladin’s FY26 results.

The broker has a 12-month price target of $9.10.

This suggests a 20% downside from here.

South32 Ltd (ASX: S32)

The South32 share price is $5.18, down 0.6% today.

Morgans downgraded South32 shares from accumulate to hold after reviewing its FY26 numbers.

The broker raised its price target from $4.70 to $4.90.

This implies a potential 6% downside over the next year.

Perseus Mining Ltd (ASX: PRU)

The Perseus Mining share price is $6.73, up 1.3% today.

Over the past month, this ASX gold share has ripped 37%.

JP Morgan downgraded Perseus Mining shares to a hold rating following its FY26 results.

The broker has a 12-month price target of $6.30.

This implies a potential 6% downside ahead.

Perseus Mining is among 40 ASX shares with ex-dividend dates next week.

Objective Corporation Ltd (ASX: OCL)

The Objective Corporation share price is $6.60, up 3.6% on Friday.

Over the past month, this ASX technology share has fallen 8%.

Morgan Stanley downgraded Objective Corporation shares to a hold call after its FY26 report.

The broker slashed its 12-month price target by more than half, from $16 to $7.25.

This still implies a potential 10% upside ahead.

Domino’s Pizza Enterprises Ltd (ASX: DMP)

The Domino’s Pizza share price is $20.34, up 1% today.

Over the past month, this ASX consumer discretionary share has lifted 2%.

Jarden downgraded Domino’s Pizza shares to a sell rating following its FY26 results.

The broker has a 12-month price target of $14, suggesting a 31% downside ahead.

Regis Healthcare Ltd (ASX: REG)

The Regis Healthcare share price is $4.41, up 2.6% today.

Over the past month, this ASX healthcare share has tumbled 29%.

RBC Capital downgraded Regis Healthcare shares to a hold call following its FY26 results.

The broker reduced its 12-month price target from $7.50 to $5.

This implies a potential 13% upside ahead.

The post 9 ASX shares downgraded by experts post-results this week appeared first on The Motley Fool Australia.

More reading

• 8 ASX shares upgraded by the professionals post-results this week
• Down another 18%: Why I’d buy WiseTech shares in the dip
• Where could the WiseTech share price be in 12 months?
• 3 top ASX dividend shares to buy in September
• 5 things to watch on the ASX 200 on Friday

JPMorgan Chase is an advertising partner of Motley Fool Money. Motley Fool contributor Bronwyn Allen has positions in Domino’s Pizza Enterprises. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Domino’s Pizza Enterprises, JPMorgan Chase, Jefferies Financial Group, Objective, and WiseTech Global. The Motley Fool Australia has positions in and has recommended Harvey Norman, Objective, and WiseTech Global. The Motley Fool Australia has recommended Domino’s Pizza Enterprises. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

S&P/ASX 200 Index (ASX: XJO) shares are 0.09% lower at 9,011.9 points on Friday.

Here are some new ratings from the experts this week. 

Wesfarmers Ltd (ASX: WES)

The Wesfarmers share price is $77.74, up 1.1% today and down 14% over 12 months.

Morgans reaffirmed its accumulate rating on this ASX 200 consumer discretionary share after the company’s FY26 results.

The broker said: 

WES’s FY26 result was broadly in line with expectations, although trading in early FY27 was slightly softer, with management also flagging higher capex in FY27.

Management noted that while consumer demand remains resilient, cost-of-living pressures persist and customers continue to be value-conscious.

… our target price rises to $85.00 (from $81.10) as we believe the increased investments WES is making in the near term will drive sustainable growth over the long term.

This is particularly evident across its retail businesses (Bunnings, Kmart Group, Officeworks and Priceline), where investment should strengthen customer value propositions in a subdued consumer environment and position the divisions to capture stronger growth when economic conditions improve.

Macquarie Group Ltd (ASX: MQG)

The Macquarie share price is $252.66, up 1.3% today and up 14% over 12 months. 

Morgans has a hold rating on this ASX 200 bank share.

Analyst Damien Nguyen said (courtesy The Bull): 

Macquarie benefits from a diversified global business spanning asset management, infrastructure, commodities and investment markets.

Earnings momentum has improved as transaction activity and market conditions have stabilised, while long term growth opportunities remain attractive.

However, a stronger share price and a cyclical earnings profile suggest much of the recovery is already reflected in its valuation.

We view the stock as fairly valued and maintain a hold recommendation.

The shares have risen from $196.47 on March 3 to trade at $251.01 on August 27.

Endeavour Group Ltd (ASX: EDV)

The Endeavour share price is $3.24, down 0.8% today and down 13% over 12 months.

Morgans kept a trim rating on this ASX 200 consumer staples share after Endeavour’s FY26 report.

Morgans said:

There were no major surprises in EDV’s FY26 result after the company pre-announced its key numbers (sales, underlying EBIT and underlying NPAT) in early August.

However, the outlook for costs was greater than anticipated as EDV increases investment to execute its new strategy.

Management noted that competition remains intense in the Retail segment, particularly in the online channel, while Hotels sales growth softened in early 1H27 across all key categories (food & beverage, gaming and accommodation).

We expect FY27 to be a disruptive year as EDV implements its transformation initiatives.

Liquor demand also remains under pressure from elevated interest rates, ongoing cost-of-living pressures and a subdued consumer environment.

The post Buy, hold, sell: Wesfarmers, Endeavour, Macquarie shares appeared first on The Motley Fool Australia.

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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 Wesfarmers. The Motley Fool Australia has recommended Macquarie Group and Wesfarmers. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Corporate Travel Management Ltd (ASX: CTD) shares returned to the ASX on Thursday after 13 months in suspension. The reopening was every bit as brutal as feared.

The stock last traded at $16.07 before the halt began in August 2025.

It reopened near $3.00 and fell away from there.

That represents a decline of roughly 80% for a business that carried a $2.2 billion market capitalisation prior to its trading pause.

Why Corporate Travel Management shares were suspended at all

In essence, Corporate Travel Management could not lodge audited accounts while an investigation into its billing practices ran its course.

At the centre of it was more than $250 million of client overcharging, including roughly £80 million tied to UK government contracts.

The ASX gave the company until 31 August to file or lose its listing altogether.

It filed on 2 September and resumed trading the following day.

What the delayed accounts eventually showed

FY25 was a horrible year for Corporate Travel Management.

The company reported a statutory loss of $348.5 million, driven by $357.7 million of goodwill impairments spread across Europe, Australia and North America.

However, FY26 was different.

In FY26, revenue and other income rose 4% to $669.9 million while underlying EBITDA climbed 36% to $113.6 million.

Statutory net profit after tax reached $17.7 million, a swing of more than $366 million in twelve months.

Total transaction value hit $9.8 billion across 18.3 million transactions, with volumes up 13%.

Chief executive Ana Pedersen said the following of the results:

While our earnings remain below historical levels and there is still work to do, FY26 demonstrates meaningful progress in stabilising the business, strengthening our foundations and positioning CTM for growth.

The liability still on the balance sheet

Despite this positive momentum, investors may want to remain cautious. Customer-related liability stood at $260 million at 30 June 2025 and was forecast at $234 million a year later.

Roughly 78% of refunds are agreed or close to final, leaving about $55 million still to remediate.

Cash on hand is $106.9 million, supported by a $175 million committed facility from PEP Credit.

Dividends remain suspended, and the accounts carry a modified audit opinion.

These details will together keep a lot of institutional money out of Corporate Travel Management shares for now.

One piece of good news

The Department of Finance completed an independent review of the company’s Commonwealth travel arrangements on 31 August.

In its findings, it found no evidence of widespread or systemic overcharging on Australian government contracts.

That is important, because government work represents a meaningful slice of the revenue base.

Client retention held up elsewhere too.

The company secured $669 million of new business wins and $1.5 billion of re-tenders and renewals across FY26.

What has to go right for Corporate Travel Management shares

Three things need to go right for Corporate Travel Management shares for the company to recover.

Firstly, the remediation has to finish without the liability growing again.

Trading has to stabilise, and early FY27 is not encouraging on that front: July revenue came in near $53.3 million against $58.3 million in the same month last year.

The company also needs a clean audit opinion, and further guidance is not due until the annual general meeting in November.

Foolish takeaway

Corporate Travel Management shares are now priced as a distressed turnaround stock.

The company’s FY26 result shows an operating company that can still produce strong operational numbers.

However, what the results do not show does not describe is a settled balance sheet or a stable shareholder register.

Anyone buying here is betting that everything bad has now been disclosed.

I would want to see the FY27 accounts and an unqualified audit opinion before treating this stock as anything other than pure speculation.

The post Corporate Travel Management shares crashed 80% on their first day back. What happened? appeared first on The Motley Fool Australia.

More reading

• Why I’m still smiling after losing 85%
• Warning: Corporate Travel shares have crashed 80%. What on earth just happened?
• Corporate Travel Management shares resume trading after FY26 report
• Corporate Travel Management swings to profit as earnings jump in FY26
• Corporate Travel Management reports FY25 and 1HY26 earnings

Motley Fool contributor Mark Verhoeven 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 Corporate Travel Management. The Motley Fool Australia has positions in and has recommended Corporate Travel Management. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.