On Monday I looked at three ASX shares brokers have given buy ratings to this week.
Unfortunately, not all shares are in favour with them right now. Three that have just been given sell ratings are listed below. Here’s why these brokers are bearish on these ASX shares:
Cochlear Limited (ASX: COH)
According to a note out of Citi, its analysts have retained their sell rating but increased the price target on this hearing solutions company’s shares to $220.00. Citi has reduced its earnings forecasts for the coming years due to its expectation of lower margins. It also fears that the market is expecting too much from Cochlear in the near term and that it may take longer than previously expected for sales to normalise. The Cochlear share price was trading at $236.69 today.
Evolution Mining Ltd (ASX: EVN)
A note out of Goldman Sachs reveals that its analysts have retained their sell rating and $3.90 price target on this gold miner’s shares. Goldman notes that Evolution delivered a result largely in line with expectations in FY 2021. And while the broker has increased its earnings estimates for the coming years to reflect increased production at Mungari and the inclusion of Kundana, it isn’t enough for a change of rating. The broker has retained its sell rating on relative valuation grounds and due to risks to its growth profile. The Evolution share price was fetching $4.04 on Tuesday.
NIB Holdings Limited (ASX: NHF)
Another note out of Citi reveals that its analysts have downgraded this private health insurer’s shares to a sell rating with a reduced price target of $6.30. This follows the release of a disappointing full year result for FY 2021. Citi was particularly disappointed with the performance of NIB’s international business. It also isn’t confident on the outlook for the business and feels its shares are fully valued at the current level. The NIB share price was trading at $6.59 today.
The post Leading brokers name 3 ASX shares to sell today appeared first on The Motley Fool Australia.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Cochlear Ltd. The Motley Fool Australia has recommended Cochlear Ltd. and NIB Holdings Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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