Appen (ASX:APX) share price smashed after broker downgrade

Appen (ASX:APX) share price smashed after broker downgrade

The Appen Ltd (ASX: APX) share price has been among the worst performers on the ASX 200 on Friday. In morning trade, the artificial intelligence data services company’s shares are down a very disappointing 14% to $9.98. Why is the Appen share price being crushed today? Investors have been selling down the Appen share price on Friday following the release of a particularly bearish broker note out of the Macquarie Group Ltd (ASX: MQG) equities desk. According to the note, the broker has downgraded Appen’s shares to an underperform rating and cut the price target on them to $9.50. Why did Macquarie downgrade Appen? As mentioned above, Appen is a leading provider of artificial intelligence data services. Through its team of over one million contractors, the company provides high quality …
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