S&P/ASX All Ordinaries Index (ASX: XAO) shares are down 0.3% to 8,893 points on Thursday.
Amid ongoing market volatility due to the war in Iran, brokers have reduced their ratings on five ASX All Ords shares.
Let's take a look.
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Northern Star Resources Ltd (ASX: NST)
The Northern Star Resources share price is $20.89, down 3.3% today.
Over the past month, this ASX All Ords gold share has edged 2.6% higher.
Ord Minnett downgraded Northern Star shares to a hold rating this week.
The lowered rating follows the miner's third-quarter update last week.
The miner revealed ongoing cost pressures and a continued increase in capital expenditure.
Ord Minnett reduced its 12-month price target from $23.70 to $22.70.
This still implies a potential 9% upside ahead.
Fortescue Ltd (ASX: FMG)
The Fortescue share price is $19.90, down 1.6% today.
Over the past month, this ASX All Ords mining share has fallen 2%.
Bell Potter downgraded Fortescue shares to a sell rating with an $18.15 target today.
This implies a potential 9% downside ahead.
The broker said:
FMG's core iron ore operations continue to perform very well and benefit from an elevated iron ore price.
However, we anticipate higher costs to emerge in 2HCY26 as low-cost inventories are exhausted, putting pressure on earnings.
We are wary of the "portfolio optimisation" review encompassing Iron Bridge.
Webjet Group Ltd (ASX: WJL)
The Webjet Group share price is 54 cents, up 1.9% today.
Over the past month, this ASX All Ords travel share has risen 1.9%.
Ord Minnett downgraded Webjet shares to a hold rating this week.
The broker slashed its 12-month price target from $1.15 to 67 cents.
This implies a potential near-30% share price fall over the next year.
Suncorp Group Ltd (ASX: SUN)
The Suncorp share price is $16.93, down 0.3% today.
Over the past month, this ASX All Ords financial share has lifted 4.9%.
Morgans downgraded Suncorp shares to a hold rating yesterday.
However, the broker increased its 12-month price target from $17.01 to $17.79.
This suggests there is still upside ahead, but less than 5%.
In a note, Morgans said:
SUN has provided an update on its aggregate reinsurance cover and its FY26 outlook. Overall, in our view, SUN securing an aggregate reinsurance cover will reduce future earnings volatility, whilst 2H26 claims are tracking below our expectations.
We believe SUN's management has executed well in recent years, successfully steering the company's strategy as a pure play general insurer. However, with the upside to our price target now more limited, we move to a HOLD recommendation.
PLS Group Ltd (ASX: PLS)
The PLS Group share price is $6.15, up 2.8% today.
Over the past month, this ASX All Ords lithium share has skyrocketed 20%.
The PLS Group share price hit a record $6.17 on Tuesday.
Morgans downgraded PLS shares from hold to trim after the miner's 3Q FY26 update.
The broker said:
Record production +8% ahead of consensus expectations and costs -13% ahead of consensus expectations highlights PLS' strong operating leverage. Strong cash build supports growth and potential shareholder returns.
PLS is our preferred lithium exposure, but we see much of the near-term upside priced in and suggest selectively trimming positions.
Morgans kept its price target at $5.40, suggesting a potential 12% fall from here.
