Why Bendigo and Adelaide Bank, Jervois Global, Megaport, and NAB are dropping today

These ASX shares are having a tough time on Wednesday.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.15% to 7,043.8 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:

A woman looks distressed as she stares dramatically at her phone

Image source: Getty Images

Bendigo and Adelaide Bank Ltd (ASX: BEN)

The Bendigo and Adelaide Bank share price is down 2.5% to $8.54. Investors have been selling this regional bank's shares following the release of a broker note out of UBS. Its analysts have downgraded the bank's shares to a sell rating and slashed their price target to $8.00. It expects rising funding costs, higher than expected bad debts, and intense competition for deposits to weigh on its performance.

Jervois Global Ltd (ASX: JRV)

The Jervois Global share price has crashed 40% to 6.9 cents. This has been driven by news that the company has suspended the construction of its cobalt operation in the United States. Management made the move in response to low cobalt prices and inflationary pressures. The company has already spent US$130 million on its construction. It aims to resume work once prices recover.

Megaport Ltd (ASX: MP1)

The Megaport share price is down 5% to $4.00. This means the network services provider's shares have given back all of yesterday's gains and some more. Although it named its new CEO on Tuesday, it also revealed the exit of its CFO with immediate effect. Investors may be concerned that all is not well behind the scenes at Megaport. Its previous CEO quit abruptly earlier this month.

National Australia Bank Ltd (ASX: NAB)

The NAB share price is down 2% to $27.11. This also appears to have been driven by a broker note out of UBS. Its analysts have become bearish on NAB for the same reasons and have downgraded its shares to a sell rating. They have also slashed their price target by $8 to $25.00.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Megaport. The Motley Fool Australia has positions in and has recommended Bendigo And Adelaide Bank. The Motley Fool Australia has recommended Megaport. 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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