Business
These are the latest ASX shares to be hit by broker downgrades
The market bounced from the Friday sell-off but this didn’t stop top brokers from downgrading a number of ASX shares today.
The S&P/ASX 200 Index (Index:^AXJO) jumped 1.5% in after lunch trade to 6,765 points with all sectors bar materials trading in the black.
Even the Orica Ltd (ASX: ORI) share price is recovering from its disappointing market update and the retirement of its chief executive.
Earnings getting blown down
The news was enough to prompt Macquarie Group Ltd (ASX: MQG) to downgrade the explosives and chemical maker to “neutral” from “outperform”.
The broker lowered its rating on the Orica share price after management warned that its first half earnings before interest and tax (EBIT) would take a $105 million…
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