After a strong start to the day, in late morning trade the S&P/ASX 200 Index (ASX: XJO) has given back the majority of its gains and is trading only ever so slightly higher at 6,019.7 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are tumbling lower:
The Lovisa Holdings Ltd (ASX: LOV) share price is down 4.5% to $6.95. On Monday analysts at Macquarie retained their neutral rating and lifted their price target on the jewellery retailer’s shares to $6.00. With Lovisa’s shares now trading well beyond this price target, investors may be taking a bit of profit off the table after a strong gain this month.
The New Hope Corporation Limited (ASX: NHC) share price has fallen 5% to $1.39. This appears to have been driven by a broker note out of Credit Suisse this morning. According to the note, the broker has downgraded its coal price forecasts materially. This has led to the broker retaining its neutral rating but cutting its price target on New Hope’s shares to $1.40.
The Temple & Webster Group Ltd (ASX: TPW) share price is down 3% to $7.13. It looks as though investors are taking profit after some incredible gains by the homewares retailer’s shares. Prior to today, the Temple & Webster share price was up a whopping 400% from its March low. Investors have been buying its shares after the pandemic accelerated the shift to online shopping.
The Whitehaven Coal Ltd (ASX: WHC) share price is down 5% to $1.50. This also appears to have been driven by the note out of Credit Suisse. Investors appear concerned by the broker’s bearish view on coal prices. Though, it is worth noting that the broker has retained its overweight rating on Whitehaven Coal’s shares. It has lowered its price target to $2.25.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Temple & Webster Group Ltd. The Motley Fool Australia has recommended Temple & Webster Group Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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