In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing, the benchmark index is up a sizeable 1.8% to 7,063.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:
A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price is down 2% to $4.01. Earlier this week, the struggling infant formula company lost one of its only remaining bulls. According to a note out of Bell Potter, its analysts have downgraded the company’s shares to a hold rating with a $4.75 price target. This followed a review of industry data which pointed to difficult trading conditions ahead.
Gold Road Resources Ltd (ASX: GOR)
The Gold Road share price is down 3% to $1.24. This follows a pullback in the gold price overnight, which is weighing on gold miners today. This appears to have overshadowed the announcement of progress with its proposed acquisition of DGO Gold Ltd (ASX: DGO). DGO revealed that no competing proposals have been made and it is recommending that its shareholders accept the offer.
GrainCorp Ltd (ASX: GNC)
The GrainCorp share price is down 2.5% to $9.87. This appears to have been driven by a broker note out of Morgan Stanley. According to the note, the broker has downgraded the grain exporter’s shares to an equal-weight rating with a $10.70 price target. Its analysts believe now is a good time to take profit after some stellar gains.
Monash IVF Group Ltd (ASX: MVF)
The Monash IVF share price has continued its slide and is down a further 3% to $1.07. Investors have been selling this fertility treatment company’s shares following the release of a trading update yesterday. That update revealed that the current environment has negatively impacted stimulated cycle activity and profitability between January to April as patients defer treatment.