The S&P/ASX 200 Index (ASX: XJO) is on course to end its winning streak on Wednesday. In late morning trade the benchmark index is down 0.3% to 5,543.3 points.
Four shares that are falling more than most today are listed below. Here's why they are sinking lower:
The AP Eagers Ltd (ASX: APE) share price is down 3% to $5.44. The catalyst for this decline appears to have been a broker note out of Credit Suisse. According to the note, the broker has downgraded AP Eagers' shares to a neutral rating and cut the price target on them to $6.45. The broker made the move on valuation grounds after a strong recovery in its share price over the last couple of months. It also expects a sharp decline in profits this year.
The Lendlease Group (ASX: LLC) share price has fallen 3.5% to $11.26. This decline also appears to have been driven by a broker note. Although analysts at Ord Minnett have retained their buy rating on the property company's shares, they have cut their price target down by a third to $14.00. Ord Minnett believes the next 12 months could be difficult, but the longer term looks positive.
The Pushpay Holdings Ltd (ASX: PPH) share price has dropped almost 2.5% to $6.65. This appears to have been driven by profit taking after the donor management platform provider's shares rocketed to a record high this week. Investors have been buying Pushpay's shares following the release of a strong full year result earlier this month.
The ResMed Inc. (ASX: RMD) share price is down 2% to $24.84. This follows a similar pullback in the medical device company's U.S. listed shares overnight. Investors may be concerned that demand for its ventilators will decline if a COVID-19 vaccine is successfully developed in the coming months.
