S&P/ASX 200 Index (ASX: XJO) shares are in the red for a fourth consecutive day, down 0.46% to 8,752.8 points.
The world is waiting for a fresh round of negotiations between the US and Iran to begin, as the global oil shock continues.
Meanwhile, the International Monetary Fund has warned of a global recession given the long-tail impact of energy supply shocks.
Amid this ongoing turmoil, brokers have reduced their ratings on six ASX 200 shares this week.
Let's take a look.
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Macquarie Group Ltd (ASX: MQG)
The Macquarie share price is $231.83, up 0.5% today.
Over the past month, this ASX 200 bank share has lifted substantially, up 19%.
UBS downgraded Macquarie shares to a hold rating yesterday.
The broker considers the stock almost fully valued, given its 12-month price target of $235.
4DMedical Ltd (ASX: 4DX)
The 4DMedical share price is 7% lower on Friday at $4.91.
This ASX 200 healthcare share has skyrocketed 1,650% over 12 months.
Jefferies downgraded 4DMedical shares to a hold rating yesterday.
However, the broker believes this stock's value can continue to grow.
Its 12-month price target is $5.90, implying a potential 17% capital gain ahead.
QBE Insurance Group Ltd (ASX: QBE)
The QBE share price is $22.39, up 0.09% today.
The ASX 200 insurance share has lifted 13% in the year to date (YTD).
Macquarie downgraded QBE shares to a hold rating with a $25.10 price target on Friday.
Sandfire Resources Ltd (ASX: SFR)
The Sandfire Resources share price is $17.26, up 0.2% today.
The ASX 200 copper share has experienced a remarkable run over the past 12 months, rising 73%.
The copper commodity price climbed 42% in 2025 due to rising demand amid the green energy transition.
Sandfire Resources shares reached an all-time high of $21.75 per share in January.
Copper was sold off alongside other metals in February but has rebounded strongly since mid-March.
UBS downgraded Sandfire Resources shares to a sell rating today.
The broker reduced its 12-month price target from $17.70 to $16.75.
TechnologyOne Ltd (ASX: TNE)
The TechnologyOne share price is $28.64, down 3.8% today.
TechnologyOne lost a quarter of its valuation amid the tech wreck that began in 1H FY26.
The ASX 200 tech share is down 26% over the past six months but has rallied 4.5% this month amid a sector turnaround.
Morgans downgraded TechnologyOne shares to a hold rating today.
The broker has a price target of $31.20, implying a potential 9% upside ahead.
Reece Ltd (ASX: REH)
The Reece share price is $13.63, up 1% today.
This ASX 200 industrial share is down 12% year over year, but has lifted 13.6% over the past six months.
Morgans downgraded Reece shares to a hold rating today.
The broker reduced its 12-month price target from $17.70 to $14.10.
This still suggests a near-5% upside ahead.
