The S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain on Wednesday. In afternoon trade, the benchmark index is up a sizeable 1.1% to 6,838.1 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
Image source: Getty Images
BHP Group Ltd (ASX: BHP)
The BHP share price is down over 2% to $44.11. This appears to have been driven by a broker note out of Credit Suisse this morning. According to the note, the broker has downgraded the mining giant's shares to a neutral rating but lifted the price target on them to $42.00. Although it has increased its earnings forecasts to reflect higher iron ore prices, it still feels BHP's shares are fully valued at the current level. Hence today's downgrade.
Estia Health Ltd (ASX: EHE)
The Estia Health share price is down 2% to $1.86. This is despite there being no news out of the aged care operator. However, it is worth noting that in December Morgan Stanley downgraded its shares to an underweight rating with a $1.50 price target. It believes the near term could be challenging for the company.
HUB24 Ltd (ASX: HUB)
The HUB24 share price has fallen 1.5% to $24.52. This may have been driven by profit taking after a strong gain in 2021. Prior to today, since the start of the year, the investment platform provider's shares had rallied a sizeable 15%. The catalyst for this was the recent release of an impressive second quarter update in mid January.
South32 Ltd (ASX: S32)
The South32 share price has tumbled 4.5% lower to $2.66. Investors have been selling the mining company's shares after the price of silver crashed back down to earth overnight. The silver price gave back recent gains after the Reddit short squeeze began to unwind.
