Accent Group raised to Overweight: Jarden Securities
Accent Group raised to Overweight; $2.50 target: Wilsons
Auckland Airport cut to Neutral; $8.13 target: Jarden Securities
Domino's Pizza target price cut 18pc to $37: Morgans Financial
Duratec started at Buy; $1.52 target: Bell Potter
Evolution cut to Neutral; $3.75 target: JPM
Flight Centre raised to Buy; target price raised 31pc to $27.80: UBS
Fortescue target price raised 16pc to $14.50: Macquarie
Genesis Minerals cut to Neutral; target cut 9pc to $2.15: UBS
Jumbo Interactive started at Underweight; $14.50 target: JPM
Sandfire raised to Overweight; $9 target: Jarden Securities
Technology stocks sold off again on Thursday. This time though it wasn’t clear what investors might be rotating into, except perhaps cash.
The Nasdaq fell 0.7 per cent as most mega-cap tech names finished in the red, with the notable exceptions of Nvidia and Meta Platforms, which rose 2.8 per cent and 3 per cent respectively.
The chip sector more broadly staged a minor bounceback after Wednesday’s rout as the PHLX Semiconductor Index ended the day up 0.5 per cent.
Yet, it remains down 8 per cent from its peak earlier this month, and as Heard’s Dan Gallagher writes, the issues raised Wednesday, including US-China tensions and the potential lack of security guarantees for industry hub Taiwan, won’t be going away anytime soon.
But, other sections of the market were down as well, including those which have recently benefited from migration of investor interest out of tech. The small-cap Russell 2000 index fell 1.8 per cent, and the Nasdaq Regional Banking Index slid 1.5 per cent. Big banks did no better, with Dow components Goldman Sachs and JPMorgan both falling 3.2 per cent.
– The Wall Street Journal