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 investors might want to hear about are summarised below. Here’s why top brokers think investors ought to sell these shares next week:
ASX Ltd (ASX: ASX)
According to a note out of Morgan Stanley, its analysts have downgraded this stock exchange operator’s shares to an underweight rating and cut the price target on them to $72.50. The broker doesn’t see value in the company’s shares compared to global peers. Particularly given the risks it is facing. This includes potentially higher costs from its CHESS replacement project. The ASX share price ended the week at $84.78.
Sandfire Resources Ltd (ASX: SFR)
A note out of Ord Minnett reveals that its analysts have downgraded this copper miner’s shares to a sell rating with a $5.60 price target. This follows the release of a mixed fourth quarter update this month. Ord Minnett notes that Sandfire’s production was strong during the quarter, but its costs were disappointing. In light of this and a strong share price rally over the last three months, the broker has no option but to downgrade its shares. The Sandfire share price was fetching $6.88 at the end of the week.
Zip Co Ltd (ASX: Z1P)
Analysts at Macquarie have retained their underperform rating and slashed their price target on this buy now pay later provider’s shares to $3.40. This follows the release of a second quarter update which fell short of the broker’s forecasts. Macquarie appears concerned by its slowing momentum in the US. This has led to its analysts downgrading their earnings estimates for the coming years, resulting in the reduction in its price target. The Zip share price ended the week at $3.33.
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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 and has recommended ZIPCOLTD FPO. The Motley Fool Australia has no position in any of the stocks mentioned. 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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