S&P/ASX 200 Index (ASX: XJO) shares are down 0.05% to 8,717.2 points on Thursday.
As the new financial year begins, brokers are running their rulers over several ASX shares and adjusting their ratings and 12-month price targets.
Let's take a look at some downgrades from the experts this week.
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JB Hi-Fi Ltd (ASX: JBH)
The JB Hi-Fi share price is $76,45, down 2.2% today and down 32% over 12 months.
UBS downgraded the ASX consumer discretionary share to a hold rating on Tuesday.
The broker shaved its 12-month price target from $85 to $83.
This suggest a potential 8% upside ahead.
Evolution Mining Ltd (ASX: EVN)
The Evolution Mining share price is $11.80, up 2.1% today and up 51% over 12 months.
UBS downgraded the ASX 200 gold share to a hold rating on Tuesday.
The broker cut its 12-month price target from $14 to $12.60.
This implies a potential 7% upside ahead.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price is $7.50, up 0.2% on Thursday and up 34% over 12 months.
UBS downgraded the ASX coal share to a hold rating on Tuesday.
The broker lowered its 12-month price target from $9.10 to $8.70.
This indicates possible capital gains of 16% over the next year.
Judo Capital Holdings Ltd (ASX: JDO)
The Judo share price is 90 cents, down 1.4% today and down 44% over 12 months.
UBS downgraded Judo shares to a hold rating on Monday.
The broker has a 12-month target price of $1.05, indicating a potential 17% upside over FY27.
Data#3 Ltd (ASX: DTL)
The Data#3 share price is $9.54, up 1.2% today and 25% higher over 12 months.
Morgan Stanley downgraded the ASX tech share to a hold rating with a $10 target on Wednesday.
This suggests potential capital growth of 5% over the next year.
South32 Ltd (ASX: S32)
The South32 share price is $4.23, down 1.2% today and up 36% over 12 months.
Morgans downgraded its rating on the ASX 200 mining share from accumulate to hold.
The broker cut its price target from $5 to $4.50, suggesting a potential 6% upside ahead.
Morgans said:
S32 has agreed to sell its entire ali business for total consideration of US$5.6bn (US$4.1bn upfront), and transfer of US$1.2bn closure/rehab liabilities.
Our view on S32's aluminium sale is genuinely mixed. It leaves S32 a simpler and, in important respects, a better business, but also a smaller and less valuable one.
We reduce our valuation on S32's ali assets to in line with the agreed Alcoa deal… As a result we update our rating to HOLD (from Accumulate).
Turaco Gold Ltd (ASX: TCG)
The Turaco Gold share price is 48 cents, up 6.7% today and up 4% over 12 months.
Morgans downgraded the ASX gold share from a buy to a speculative buy rating this week.
The broker slashed its 12-month price target from $2.19 to $1.18.
This still implies a potential 145% upside ahead.
