IDP Education Ltd's stock plunged 19.17% during intraday trading, reflecting significant investor concern following a major analyst downgrade.

The sharp decline came after Macquarie downgraded the student-placement provider to underperform from neutral, warning of near-term earnings pressure from weak visa volumes, currency headwinds, and policy impacts on foreign students. The investment bank also highlighted risks to the company's FY 2026 Ebit guidance and stated that consensus estimates for FY 2027 EPS appear approximately 20% too high, anticipating future downgrades.

While acknowledging some potential upside from the rollout of English-language testing in China, Macquarie analysts noted this was unlikely to offset the pressures elsewhere, subsequently cutting their target price by 57% to A$2.32.