Broker Watch

ASX upgrades and downgrades: Fortescue, Eagers and Cochlear

Fri 29 Jul 22, 2:17pm (AEST)
Iron Ore 7 Mining
Source: iStock

Stocks in article

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Key Points

  • Several downward revisions for ASX 200 companies
  • Fortescue downgraded to Underperform after June quarter update
  • UBS issues industry wide downgrade for autos

Market Index provides daily updates for the latest broker upgrades and downgrades for S&P/ASX 200 companies.

Upgrades

None

Downgrades

Eagers Automotive (ASX: APE)

  • UBS downgrades to Neutral from Buy - $12.90 target price (from $17.50)

  • Analysts forecast new car sales to fall -15% from peak-to-trough

Cochlear (ASX: COH)

  • Credit Suisse downgrades to Neutral from Outperform - $232 target price (from $240)

  • Industry-wide staff shortages to impact surgical volume recovery in FY22-23

Fortescue (ASX: FMG)

  • Macquarie downgrades to Underperform from Neutral - $16.00 target price

  • Quarterly result was in-line with Macquarie expectations. Capex guidance surprised to the upside, alongside higher unit costs, FY23 cashflow expected to decline -15%

GUD Holdings (ASX: GUD)

  • UBS downgrades to Neutral from Buy - $9.10 target price (from $13.30)

  • Same reason as Eagers Automotive. Broker is issuing sector wide downgrades

Janus Henderson (ASX: JHG)

  • Citi downgrades to Sell from Neutral - $31.60 target price

  • Second quarter asset under management outflows were steeper-than-expected. Analysts note the stock is strongly leveraged to equity markets and patience is required in the absence of any rebound

Ramelius Resources (ASX: RMS)

  • Ord Minnett downgrades to Hold from Accumulate - $1.10 target price (from $1.35)

  • Downgrade reflects higher costs, which are expected to improve from FY24

 

Written By

Kerry Sun

Finance Writer & Social Media

Kerry holds a Bachelor of Commerce from Monash University. He is an avid swing trader, focused on technical set ups and breakouts. Outside of writing and trading, Kerry is a big UFC fan, loves poker and training Muay Thai. Connect via LinkedIn or email.

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