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:
Fortescue Metals Group Limited (ASX: FMG)
According to a note out of Morgan Stanley, its analysts have retained their underweight rating and $18.55 price target on this iron ore giant’s shares. Although Fortescue delivered a full year result in line with its expectations, it isn’t enough for a change of rating. The broker remains bearish due to concerns over the iron ore cycle turning negative, widening low grade discounts, and higher capital expenditure. The Fortescue share price is currently trading at $21.08.
InvoCare Limited (ASX: IVC)
A note out of Citi reveals that its analysts have retained their sell rating but lifted their price target on this funerals company’s shares to $11.00. Citi notes that InvoCare delivered a strong first half result, which was well ahead of its forecasts. However, it fears that a lot of this could be undone in the second half due to lockdowns. In light of this, it is holding firm with its sell rating. The InvoCare share price is fetching $12.27 today.
Wesfarmers Ltd (ASX: WES)
Another note out of Citi reveals that its analysts have retained their sell rating but lifted their price target on this conglomerate’s shares to $49.00. Citi was pleased with Wesfarmers’ performance in FY 2021 and the announcement of a $2.3 billion capital return. However, due to valuation concerns, the broker isn’t in a rush to change its rating. Particularly given supply chain disruptions, rising freight and commodity costs, and increasing investment in digital and automation. The Wesfarmers share price is trading at $60.13 today.
The post Leading brokers name 3 ASX shares to sell today appeared first on The Motley Fool Australia.
Wondering where you should 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 could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.
*Returns as of August 16th 2021
More reading
- Top broker gives its verdict on the Fortescue (ASX:FMG) share price
- Fortescue (ASX:FMG) share price bounces despite looming iron ore supply outlook
- ASX company’s crack unit rakes in 1600% revenue growth
- ASX 200 rises, Altium sinks, Fortescue climbs
- Which ASX companies are starting off the week as the top movers in the ASX 300 today?
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. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Wesfarmers Limited. The Motley Fool Australia has recommended InvoCare Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
from The Motley Fool Australia https://ift.tt/2WAXpUm
Leave a Reply