S&P/ASX 200 Index (ASX: XJO) shares are 0.3% lower amid fresh hopes that the war in Iran will soon be over.
US President Donald Trump said Iran has agreed to several demands during further talks between the two nations.
Meanwhile, the US continues its blockade of Iranian ports in the Persian Gulf, and Israel and Lebanon have agreed to a 10-day ceasefire.
Amid this week's ongoing turmoil, brokers have reduced their ratings on six ASX 200 shares this week.
Let's take a look.
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Lynas Rare Earths (ASX: LYC)
The Lynas Rare Earths share price is $20.76, down 0.1% today.
Over the past month, this ASX 200 mining share has lifted 3.7%.
Morgan Stanley downgraded Lynas shares to a hold rating on Wednesday.
The broker increased its 12-month price target from $18.50 to $20.45.
PLS Group Ltd (ASX: PLS)
The PLS Group share price is $5.98, up 4.8% today.
Over the past month, this ASX 200 lithium share has rocketed 28%.
Morgan Stanley downgraded this stock to a hold rating this week.
The broker shaved its 12-month price target from $5.30 to $5.25.
Westpac Banking Corp (ASX: WBC)
The Westpac share price is $39.58, down 1.1% today.
Over the past month, the ASX 200 bank share has fallen 4.6%.
Morgans downgraded Westpac shares from a trim to sell rating this week.
The broker has a $34.04 target on the financial stock.
Morgans said:
WBC published a trading update ahead of its 1H26 result due for release on 5 May.
Implied revenues were weaker, costs lower, and credit impairment charges higher than our and market expectations.
We revise our rating from TRIM to SELL as total return expectations at current prices have fallen below the -10% trigger.
Bank of Queensland Ltd (ASX: BOQ)
The Bank of Queensland share price is $7.29, up 0.2%.
Over the past month, this ASX 200 financial share has lifted 5.3%.
Morgans downgraded the bank share to a hold rating on Wednesday.
The broker has a $7.39 target price on Bank of Queensland shares.
Morgans said:
We expect a material decline in 1H26 earnings, with recent share price strength driven by the expected capital return from the equipment finance whole-of-loan sale.
Share price strength has compressed total return potential to c.5%.
As such, we moderate our rating from ACCUMULATE to HOLD.
Seek Ltd (ASX: SEK)
The Seek share price is $15.54, up 1.1% today.
Over the past month, this ASX communications share has increased 6.4%.
Jefferies downgraded Seek shares to a hold rating this week.
The broker slashed its 12-month price target from $24.80 to $15.90.
Mineral Resources Ltd (ASX: MIN)
The Mineral Resources share price is $62.47, up 5.3% today.
The ASX 200 mining share is 13.3% higher over the past month.
Morgans lowered its rating from buy to accumulate this week.
The broker has a slightly reduced 12-month price target of $67.
Morgans said:
We have updated our 2H26 forecasts to reflect weather impacts in 3Q26, which we expect to have a modest effect on Onslow iron ore shipments, alongside minor increases to cost and capex assumptions driven by inflation in shipping and fuel.
We have also incorporated our revised LT iron ore price of US$85/t (previously US$80/t).
… we move to an ACCUMULATE rating (previously BUY) as recent share price strength has reduced valuation upside.
