6 ASX shares downgraded by experts this week

S&P/ASX 200 Index (ASX: XJO) shares are 0.4% higher at 8,697.3 points on Friday.

Brokers have reduced their ratings on six ASX shares this week.

Let's take a look.

AMP Ltd (ASX: AMP)

The AMP share price is $2.47, up 2.3% today. 

Over the past month, this ASX 200 financial share has fallen 0.2%.

UBS downgraded AMP shares to a hold rating with a $2.61 target this week.

This implies a potential 5% upside ahead.

Fortescue Ltd (ASX: FMG)

The Fortescue share price is $15.45, down 2.2% today.

Over the past month, this ASX 200 mining share has fallen 12%.

Morgans downgraded Fortescue shares from hold to trim yesterday.

The broker slashed its 12-month price target from $18.70 to $15.40.

This suggests the stock is already fully valued.

Meteoric Resources Ltd (ASX: MEI)

The Meteoric Resources share price is 24 cents, up 0.8% today.

Over the past month, this ASX mining share has jumped 21%.

Ord Minnett downgraded Meteoric Resources shares to a hold rating this week.

The broker has a 12-month price target of 25 cents.

This suggests just a 3% potential upside ahead.

Orica Ltd (ASX: ORI)

The ORI share price is $22.98, up 0.6% today.

Over the past month, this ASX 200 materials share has edged 0.3% higher.

Morgans downgraded Orica shares from buy to accumulate this week.

The broker shaved its price target from $26.60 to $26.52.

This indicates potential gains of 15% over the next 12 months.

The broker said: 

ORI has updated the market on its US AN sourcing, non-core land sale, recent acquisitions, cost out program and FY26 business performance. The important point is that the broader business continues to perform strongly, in line with its expectations.

We have trimmed our FY27 NPAT forecast by 3.6% reflecting increased AN sourcing costs in the US, more gradual recovery in Indonesia coal production, plant turnarounds and higher interest costs given the Deer Park sale isn't going through.

SKS Technologies Group Ltd (ASX: SKS)

The SKS Technologies Group share price is $8.60, down 2.4% today.

Over the past month, this ASX industrials share has risen 7%.

PAC Partners downgraded SKS Technologies shares to a hold rating on Wednesday.

The broker raised its price target from $10.20 to $10.56.

This implies a potential 24% upside over the next year.

Bank of Queensland Ltd (ASX: BOQ)

The Bank of Queensland share price is $6.45, up 1.1% today.

Over the past month, this ASX 200 financial share has fallen 1%.

Morgans downgraded Bank of Queensland shares from accumulate to hold this week.

The broker cut its 12-month price target from $6.94 to $6.40.

This suggests the bank stock is fully valued.

The post 6 ASX shares downgraded by experts this week appeared first on The Motley Fool Australia.

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Sks Technologies Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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