In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the day in the red. At the time of writing, the benchmark index is down 0.3% to 7,007.2 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price has sunk 8% to $4.71. Investors have been selling this infant formula company's shares after the US Food and Drug Administration (FDA) deferred further requests to import infant formula products into the United States. This appears to be a sign that infant formula supply levels are now getting back to normal after some major shortages.
Appen Ltd (ASX: APX)
The Appen share price is down 4.5% to $4.78. As well as broad weakness in the tech sector today, this artificial intelligence data services company's shares were hit with a broker downgrade. According to a note out of Bell Potter, its analysts have downgraded Appen's shares to a sell rating with a $4.25 price target.
Boral Limited (ASX: BLD)
The Boral share price is down 2.5% to $2.90. This morning Macquarie downgraded this building products company's shares to a neutral rating and cut the price target on them by 21% to $3.20. The broker sees risks to the company's performance from high energy costs and heavy rainfall.
REA Group Limited (ASX: REA)
The REA share price is down 3.5% to $127.55. In response to the property listings company's results this week, this morning the team at UBS has downgraded REA's shares to a neutral rating from buy with a $142.60 price target. Elsewhere, the team at Ord Minnett downgraded its shares to accumulate from buy with a $140.00 price target.
