S&P/ASX 200 Index (ASX: XJO) shares are down 0.8% to 9,057.1 points as earnings season continues today.
After reviewing companies' results, brokers have reduced their ratings on numerous ASX shares.
Let's see a sample.
Image source: Getty Images
PLS Group Ltd (ASX: PLS)
The PLS Group share price is $5.23, down 1.2% today and up 123% over 12 months.
Over the past month, this ASX 200 lithium share has ripped 23% higher.
Morgans downgraded PLS shares from hold to trim after the miner's FY26 results.
The broker commented:
PLS delivered an in-line FY26 Underlying EBITDA result and surprised with a maiden 5cps fully franked final dividend (22% FCF payout).
We view PLS as fairly valued at current levels, with its premium to peers already reflecting the company's best-in-class execution, balance sheet and growth optionality.
Depleted lithium inventories leave scope for short-term upside, though we see the medium-term outlook as more volatile given uncertainty around supply and demand drivers.
The broker retained its 12-month price target of $4.60, which implies a 12% downside ahead.
Paladin Energy Ltd (ASX: PDN)
The Paladin Energy share price is $12.31, down 2.1% today and up 64% over 12 months.
Over the past month, this ASX 200 energy share has jumped 29%.
Morgans downgraded Paladin Energy shares from buy to accumulate due to recent share price strength.
Following the uranium miner's FY26 report, the broker increased its target price to $14.10.
This suggests a potential 15% upside ahead.
Morgans said:
Cash is starting to flow — PDN delivered positive operating cash flow for the first full year since the restart, generating US$38m in FY26 and marking the transition from ramp-up story to steady-state and cash-generating producer.
Guidance beaten across the board — Langer Heinrich Mine (LHM) exceeded FY26 production, sales and cost guidance, providing further evidence that the operation can sustainably deliver and continues to build momentum as it enters more steady state operations.
Lovisa Holdings Ltd (ASX: LOV)
The Lovisa share price is $27.14, down 1.7% today and down 34% over 12 months.
Over the past month, this ASX retail share has soared 27%.
Morgans downgraded Lovisa shares, on valuation grounds, from buy to accumulate after the retailer's FY26 report.
The broker reduced its 12-month price target to $31.
This implies a potential 14% upside ahead.
Ora Banda Mining Ltd (ASX: ORA)
The Ora Banda share price is $1.59, down 1.9% today and up 84% over 12 months.
Over the past month, this ASX 200 gold share has ripped 42% higher.
MA Financial Group downgraded Ora Banda shares to a hold rating after the miner's FY26 report.
The broker raised its 12-month price target from $1.40 to $1.60.
This implies a potential 1% upside ahead.
Sandfire Resources Ltd (ASX: SFR)
The Sandfire Resources share price is $23.47, down 2.8% today and up 85% over 12 months.
Over the past month, this ASX 200 copper share has leapt 22%.
The Sandfire Resources share price struck a new record of $25 on the back of its FY26 report yesterday.
Morgans downgraded Sandfire Resources shares from accumulate to hold with a $23 target.
This indicates the stock is fully valued now.
The broker commented:
SFR resumed dividends with a 35cps final dividend (+86% vs expectations) and we see scope for this to build further as its cash balance continues to grow with no drawn debt, supported by a favourable base metals price environment.
SFR's asset quality, management quality and balance sheet strength, alongside emerging growth optionality, underpin its case as a core copper exposure for long-term investors, though the stock appears fully valued at current prices.
Scentre Group (ASX: SCG)
The Scentre share price is $3.57, down 1.4% today and down 12% over 12 months.
Over the past month, this ASX 200 real estate investment trust (REIT) has fallen 8%.
Jarden downgraded Scentre shares to a hold rating after reviewing the property group's 1H FY26 results.
The broker has a $4.05 target, which suggests a potential 13% upside ahead.
Inghams Group Ltd (ASX: ING)
The Inghams share price is $2.05, up 2.3% today and down 26% over 12 months.
Over the past month, this ASX 200 consumer staples share has fallen 9%.
Jarden downgraded Inghams shares to a hold rating after the company's FY26 results.
The broker's target is $2.50, which implies a potential 22% upside ahead.
