A disappointing finish to the week led to the S&P/ASX 200 Index (ASX: XJO) recording a 0.8% decline to 7,393.9 points last week.
While a number of shares dropped with the market, some fell more than most. Here's why these were the worst performing ASX 200 shares last week:
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Pro Medicus Limited (ASX: PME)
The Pro Medicus share price was the worst performer on the ASX 200 last week with a 13.9% decline. This was despite the team at Morgans upgrading the health imaging company's shares to a hold rating just days after downgrading them to a reduce rating. The broker has a price target of $54.49. The Pro Medicus share price ended the week at $46.59.
ARB Corporation Limited (ASX: ARB)
The ARB share price was out of form last week and sank 13.7% over the five days. This 4×4 parts company's shares came under pressure after being downgraded by analysts at Credit Suisse. According to the note, Credit Suisse has downgraded its rating to underperform with a price target of $38.00. While the broker is forecasting a strong result in February, it expects margin pressures and slower growth thereafter.
Pendal Group Ltd (ASX: PDL)
The Pendal share price was a poor performer and crashed 12.7% last week. All of this decline occurred on Friday following the release of a disappointing quarterly update. That update revealed that Pendal experienced net fund outflows of $6.8 billion during the first quarter of FY 2022. This led to its funds under management (FUM) falling 2.5% to $135.7 billion during the December quarter despite the benefits of favourable market movements.
Reece Ltd (ASX: REH)
The Reece share price wasn't far behind with an 11.2% decline. This was despite there being no news out of the plumbing parts company. Though, it is worth noting that Reece's shares hit a record high in the previous week. This could have led to some profit taking from investors last week.
