ASX cut to Hold

With it's price rising following last week's full-year result, we're downgrading ASX to Hold.

Last week's upgrade of ASX – at only 12c below our new Buy price –  was never likely to last long in current market conditions, but hopefully a few members have been able to take advantage of the opportunity. With the stock now about 4% above the $50 Buy price, though, we're downgrading to HOLD.

Note: The Intelligent Investor Growth and Equity Income portfolios own shares in ASX. You can find out about investing directly in Intelligent Investor portfolios by clicking here.

Disclosure: The author owns shares in ASX.