In afternoon trade the S&P/ASX 200 index is on course to start the week on a very positive note. At the time of writing the benchmark index is up 0.75% to 6,307.4 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have started the week in the red:
The Blackmores Limited (ASX: BKL) share price is down almost 3% to $90.16. Late last week analysts at Citi retained their sell rating and trimmed the price target on this health supplements company's shares to $82.50 following its disappointing third quarter update. According to the note, the broker acknowledges that its strong brand and positive tailwinds in China should support its long term growth, but in the near term it has concerns about its marketing and China strategy.
The Galaxy Resources Limited (ASX: GXY) share price is down 2.5% to $1.59 after analysts at Macquarie downgraded the lithium miner to an underperform rating and slashed the price target on its shares to $1.50. The broker made the move after the release of a disappointing third quarter update and concerns over weak recoveries at its Mt Cattlin operation.
The Orocobre Limited (ASX: ORE) share price is down 3.5% to $3.25. This lithium miner's shares have come under pressure due to falling lithium prices and increasing supply. However, one broker that believes this is a buying opportunity is Morgans. This morning its analysts retained their add rating on its shares, albeit with a trimmed price target of $5.30.
The Zip Co Ltd (ASX: Z1P) share price has dropped almost 4% to $2.30 despite there being no news out of the buy now, pay later provider. I suspect that today's selling is due to profit taking after a stellar share price rally in 2019. Even after today's decline its shares are up ~109% since the turn of the year.
