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Investing.com - IPH Limited (ASX:IPH) stock rating was downgraded from Buy to Hold by Canaccord Genuity on Friday, with the firm also lowering its price target to AUD4.95 from AUD5.75.
The downgrade follows a 20% share price decline after IPH released its fiscal year 2025 results, which Canaccord described as "broadly in-line" with expectations but insufficient to prevent the stock’s drop.
Canaccord cited IPH’s declining Australia and New Zealand patent filing share as a continuing problem, noting it fell below 30% during fiscal year 2025, while U.S. patent filings remain "lacklustre" as a leading indicator.
The research firm also identified rising competitive pressures in both the Australia-New Zealand market and in Asia as factors in its decision to lower earnings per share estimates for fiscal years 2026 and 2027.
Canaccord stated that "catalysts seemingly thin on the ground" contributed to the rating change, suggesting limited near-term growth drivers for the intellectual property services company.
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