Hi all,

I own Adairs and they dropped 10% today :( which seems to me to be off the back of a note from broker Ord Minnett downgrading their recommendation to hold. This is because Adairs have brought forward their 20% purchase of NZ company Mocka by a year. The article I read said that the broker thinks that Mocka is underperforming.

I thought bringing forward the purchase of Mocka would be a good thing, but this isn't what the broker believes and I find it mind boggling that one broker's opinion could drag the price down by 10%. It's only a hold rating, not a sell rating.

Is there something I missing?