S&P/ASX 200 Index (ASX: XJO) shares are down 0.5% to 8,737.7 points on Thursday.
Brokers have reduced their ratings on many ASX 200 shares this week.
Let's take a look at their new ratings and 12-month share price targets.
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Rio Tinto Ltd (ASX: RIO)
The Rio Tinto share price is $157.90, down 3.6% today.
Over the past 12 months, this ASX 200 mining share has climbed 47%.
Morgan Stanley downgraded Rio Tinto shares to a sell rating today.
The broker has a 12-month price target of $149.
This implies a potential 5% downside ahead.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is $10.15, down 3.6% today.
Magellan was one of the top 5 ASX 200 financial shares for capital growth in FY26, rising 13%.
The highlight of the year was Magellan's proposed merger with boutique investment bank, Barrenjoey Capital Partners.
Magellan and Barrenjoey completed the merger on 1 July.
Morgans downgraded Magellan shares to a hold rating on Monday.
The broker lifted its 12-month price target slightly from $11.19 to $11.29.
This implies a potential 11% upside ahead.
Magellan will ask shareholders to vote on a company rebrand to Barrenjoey Group at the AGM in October.
Lottery Corporation Ltd (ASX: TLC)
The Lottery Corporation share price is $5.48, up 0.2% today.
This ASX 200 consumer discretionary share has risen 2.1% over the past year.
Citi downgraded the stock to a sell rating with a $5 target this week.
This indicates a possible 8% decline ahead.
Transurban Group (ASX: TCL)
The Transurban share price is $14.69, up 0.2% today.
This ASX 200 industrials share has risen 9.5% over 12 months.
UBS downgraded Transurban shares to a hold rating with a $14.50 target.
This suggests a potential 1% downside ahead.
Evolution Mining Ltd (ASX: EVN)
The Evolution Mining share price is $11.01, down 3.7% today.
This ASX 200 gold share has stormed 51% higher over the past year.
Macquarie downgraded Evolution shares to a hold rating yesterday.
The broker lowered its 12-month price target from $13 to $12.
This suggests potential capital growth of 8% over the next year.
Worley Ltd (ASX: WOR)
The Worley share price is $10.78, up 0.5% today.
This ASX 200 industrials share has tumbled 18% over the past 12 months.
Ord Minnett downgraded Worley shares from accumulate to hold with a $12.70 target on Wednesday.
This still implies a potential 18% upside ahead.
The broker said:
There remains considerable uncertainty over short-term earnings for Worley and its peers.
More broadly, we highlight the change in Worley's business mix, with a modest shift to engineering, procurement and construction (EPC) work, i.e. larger developments and responsibility for full project delivery, a business segment that is higher risk than traditional consultancy and advisory.
Judo Capital Holdings Ltd (ASX: JDO)
The Judo share price is 89 cents, up 0.2% today.
Judo shares were sold off in June after the bank downgraded its profit guidance.
Ord Minnett downgraded Judo shares from a buy to a hold rating yesterday.
The broker slashed its 12-month price target from $2.40 to $1.60.
This implies a potential 80% upside ahead.
Ord Minnett commented:
We also cut our recommendation on Judo to Hold from Buy despite the apparent value on offer, given uncertainty around the company's processes and the time it will take for management to rebuild market confidence.
Pro Medicus Ltd (ASX: PME)
The Pro Medicus share price is $209.07, down 1.4% today.
Pro Medicus shares hit a 52-week low of $107.75 on 24 February. Since then, the ASX 200 healthcare share has ripped 94% higher.
Jefferies thinks the stock has overshot. The broker downgraded Pro Medicus shares to a hold rating yesterday.
The broker lifted its share price target substantially from $147 to $192.60.
But with Pro Medicus shares already trading well above that, the broker recommends investors sit tight.
Suncorp Group Ltd (ASX: SUN)
The Suncorp share price is $18.79, down 1% today.
This ASX 200 financial share has fallen 9.7% over 12 months.
Jarden downgraded Suncorp shares to a hold rating on Monday.
The broker raised its 12-month price target slightly from $19.10 to $19.60.
This implies a potential 4% upside ahead.
