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 0.25% to 8,418.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
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ALS Ltd (ASX: ALQ)
The ALS share price is down over 1% to $16.10. This appears to have been driven by a broker note out of Goldman Sachs this morning. According to the note, the broker has downgraded the testing services company's shares with a trimmed price target of $17.70. It said: "We believe that ALQ likely warrants a premium given it over-indexes commodities, which appear to have inflected higher (complemented by an expanding addressable market). However, on an EBIT growth adjusted basis (NTM EV:EBIT / 3yr EBIT CAGR) it is broadly in line with the peer set (1.7x vs an average of 1.9x). With the earnings changes and capital raising outlined above, our 12m TP decreases 1% to A$17.70 (from A$17.80). With 9% upside (vs coverage median ~13%) we downgrade to Neutral."
Black Cat Syndicate Ltd (ASX: BC8)
The Black Cat Syndicate share price is down 3% to 78.5 cents. This follows the release of a drilling update from the gold miner's Paulsens Gold Operation. While the drilling was successful, some investors appear to have been expecting stronger results. Black Cat's managing director, Gareth Solly, said: "Drilling results from the Gabbro Veins is consistent with our mine plan at Paulsens. Development in this new area is ahead of plan, and we look forward to commencing production from the Gabbro Veins as we continue with our mine ramp up. Underground drilling and development activities continue to deliver on our more gold, sooner strategy."
Boss Energy Ltd (ASX: BOE)
The Boss Energy share price is down almost 3.5% to $3.99. This appears to have been driven by profit taking from some investors after uranium stocks surged over the past few weeks. In fact, even after today's pullback, this uranium miner's shares are up 25% since this time last month.
Washington H Soul Pattinson & Co Ltd (ASX: SOL)
The Washington H Soul Pattinson share price is down 1.5% to $37.12. This may have been caused by a broker note out of Morgans. This morning, the broker downgraded the investment company's shares to a hold rating with an improved price target of $37.50. While Morgans is a fan of the company, it feels its valuation is getting stretched following a strong run since its half year results.
