The S&P/ASX 200 Index (ASX: XJO) is having an off day on Friday. In afternoon trade, the benchmark index is down 0.3% to 7,302.8 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Mineral Resources Ltd (ASX: MIN)
The Mineral Resources share price is down 7% to $70.55. This morning, Goldman Sachs reiterated its sell rating on this mining and mining services company's shares with a trimmed price target of $57.00. In response to its deal with lithium giant Albemarle, Goldman said: "180 on LiOH strategy with ALB, positive for balance sheet but NPV negative at our LiOH price."
Premier Investments Limited (ASX: PMV)
The Premier Investments share price is down over 3% to $20.73. This may have been driven by a broker note out of Macquarie. Its analysts have downgraded the retailer's shares to a neutral rating and slashed the price target on them to $21. The broker suspects that Premier Investments' margin improvements could start to reverse now.
Syrah Resources Ltd (ASX: SYR)
The Syrah share price is down 5.5% to 73.7 cents. Investors have been selling this graphite producer's shares this week following the release of a bleak quarterly update. This appears to have sparked fears that Syrah will have to raise capital yet again in the not-so-distant future.
Xero Limited (ASX: XRO)
The Xero share price is down 3.5% to $122.63. This is despite there being no news out of the cloud accounting platform provider. However, it is worth noting that tech stocks tumbled on Wall Street last night. This led to the Nasdaq index falling 2% during the session. The S&P/ASX All Technology Index is down by the same margin this afternoon.
