Business
Here’s why the Appen (ASX:APX) share price is sinking
The Appen Ltd (ASX: APX) share price dropped by 9% today after it was on the receiving end of a negative broker report.
Analysts at Macquarie Group Ltd (ASX: MQG) issued a painful downgrade of expectations for Appen this year.
Here’s what happened to the Appen share price
Appen shares suffered after Macquarie downgraded the technology business from ‘outperform’ to ‘underperform’.
Macquarie thinks that the FY20 result is now going to be a ‘non-event’ because of increasing competition and this will cause Appen to lose market share. But the broker doesn’t think this competition is a short-term problem – the headwinds could continue for the rest of 2021. It may then lead pricing competition for Appen.
The broker…
-
Noosa News23 hours agoGippsland livestock agent Nathan Gibbon jailed for defrauding exporting companies
-
Noosa News23 hours agoTax office launches probe into case with devastating outcome
-
General17 hours agoUS, NATO strike Ukraine arms deal as Donald Trump gives Vladimir Putin 50-day deadline
-
General15 hours agoArnaud Harixcalde Logan charged with ‘malicious mischief’ after allegedly damaging case of Stone of Scone in Scotland