In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 1.5% to 8,771.4 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are falling:
29Metals Ltd (ASX: 29M)
The 29Metals share price is down 3% to 32 cents. This may have been driven by a broker note out of Citi this morning. In response to the copper miner's quarterly update, the broker has retained its sell rating with a 16 cents price target. This implies potential downside of 50% for investors from current levels. Citi wasn't overly impressed with the quarter and believes that there is a risk that 29Metals will have to raise capital in the near future.
Atlas Arteria Group (ASX: ALX)
The Atlas Arteria share price is down over 1% to $5.11. This follows the release of an update on the Virginia Supreme Court's decision regarding the State Corporation Commission's (SCC) Rate Case appeal. According to the release, the Supreme Court has affirmed the decision to deny Toll Road Investors Partnership II (TRIP II)'s latest toll rate application for the Dulles Greenway. It stated: "TRIP II's pending federal case, which was stayed in anticipation of the SCV appeal decision, will now proceed. The federal complaint alleges constitutional violations distinct from those decided by the SCV and seeks compensatory, declarative, injunctive, and other relief, unavailable to TRIP II in the SCV appeal."
DroneShield Ltd (ASX: DRO)
The DroneShield share price is down 3.5% to $3.39. This morning, analysts at Bell Potter downgraded this high-flying counter drone technology company's shares to a hold rating with an improved price target of $3.80. It said: "Listed peers in the drone/counter-drone sectors have undergone major re-ratings both domestically (ELS, EOS) and internationally (AVAV, KTOS), however, whilst we are bullish on the sector and view DRO as a market leader, the downside risk is prevalent at the current valuation. At our upgraded multiples of 65x PE and 40x EV/EBITDA, our updated PT of $3.80 is a <15% premium to the SP so we downgrade to HOLD."
Yancoal Australia Ltd (ASX: YAL)
The Yancoal Australia share price is down 6% to $5.82. This follows the release of the coal miner's quarterly update. Yancoal reported a 12% increase in ROM coal production but flat saleable coal production. In addition, the company revealed that its realised coal price was down 10% from the first quarter.
