The S&P/ASX 200 index is on course to record a solid gain on Tuesday. In afternoon trade the benchmark index is up 0.45% to 6,481.9 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have tumbled lower:
The Domino's Pizza Enterprises Ltd (ASX: DMP) share price is down over 5% to $38.53 after Morgan Stanley downgraded the pizza chain operator's shares to an equal-weight rating from overweight. According to the note, the broker has lowered its forecasts and price target to reflect softer same store sales growth and store openings. Morgan Stanley has cut its price target from $50.00 to $41.00.
The Estia Health Ltd (ASX: EHE) share price has tumbled 4.5% lower to $2.67. This decline may be attributable to a note out of the Macquarie equities desk this morning. According to the note, the broker has retained its neutral rating and trimmed the price target on the aged care operator's shares to $2.63. It appears concerned around risks including the Royal Commission and the severe flu season.
The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price has continued its decline and is down a further 4.5% to $14.62. The medical device company's shares have fallen heavily since the release of its full year results yesterday. One broker that remains bearish on the company is Credit Suisse. According to a note released this morning, it has retained its sell rating on the company's shares.
The QBE Insurance Group Ltd (ASX: QBE) share price has 3.5% to $11.88. Once again, the catalyst for this decline appears to be a broker note out of the Macquarie equities desk. According to the note, the broker has downgraded this insurance giant's shares to a neutral rating from outperform and trimmed the price target on them to $12.90. The broker has concerns over its U.S. crop portfolio.
