Once again, a large number of broker notes hit the wires last week. Some of these notes were positive and some were bearish.
Three sell ratings that caught my eye are summarised below. Here’s why top brokers think investors ought to sell these shares next week:
Afterpay Ltd (ASX: APT)
According to a note out of UBS, its analysts have retained their sell rating and lowly $30.00 price target on this payments company’s shares. This follows the release of its trading update for the month of November. While UBS acknowledges that Afterpay had an impressive month in the United States and surpassed $1 billion in monthly underlying sales for the first time, it has concerns about management’s selective disclosures. It notes that there was no October sales update, nor was there any real customer or bad debt data for November. The Afterpay share price ended the week at $94.50.
Domino’s Pizza Enterprises Ltd (ASX: DMP)
Analysts at Credit Suisse have retained their underperform rating and $58.71 price target on this pizza chain operator’s shares. This follows its investor day update last week. While the company is performing well and its medium term outlook is positive, it isn’t enough for a change of rating. Credit Suisse continues to believe that Domino’s shares are expensive at the current level. Its shares were changing hands for $82.18 on Friday.
Wesfarmers Ltd (ASX: WES)
A note out of Citi reveals that its analysts have retained their sell rating but lifted the price target on this conglomerate’s shares to $44.00. Citi notes that Wesfarmers has benefited greatly from COVID-related tailwinds this year and looks set to benefit from the housing cycle over the coming years. However, the broker sees far more value in some of its retail peers and has therefore retained it sell rating. The Wesfarmers share price ended the week at $49.44.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of June 30th
More reading
- How to get a passive income of $50,000 per year from ASX dividend shares
- Is the Afterpay (ASX:APT) share price in the buy zone after its update?
- 5 things to watch on the ASX 200 on Friday
- ASX 200 rises on Thursday
- Top brokers name 3 ASX shares to sell today
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO and Wesfarmers Limited. The Motley Fool Australia has recommended Domino’s Pizza Enterprises Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
The post Top brokers name 3 ASX shares to sell next week appeared first on The Motley Fool Australia.
from The Motley Fool Australia https://ift.tt/3mNyJQG
Leave a Reply