Yesterday we looked at three ASX shares brokers have given buy ratings to this week.
Unfortunately, not all shares are in favour with brokers right now. Three that have just been given sell ratings are listed below. Here’s why these brokers are bearish on these ASX shares:
ARB Corporation Limited (ASX: ARB)
According to a note out of Credit Suisse, its analysts have retained their underperform rating but lifted their price target on this 4×4 parts manufacturer’s shares to $40.60. This follows the release of its half year trading update. Credit Suisse was pleasantly surprised to see ARB outperform its estimates during the first half of FY 2022. This has led to the broker upgrading its full year estimates and valuation accordingly. However, it still believes its shares are overvalued at the current level, particularly given its concerns that ARB’s margins are unsustainable. The ARB share price is trading at $46.94 on Tuesday.
Brambles Limited (ASX: BXB)
A note out of Morgan Stanley reveals that its analysts have downgraded this logistics solutions company’s shares to an underweight rating and cut the price target on them to $9.30. Its analysts made the move due to concerns over current supply chain challenges which it fears could be weighing on Brambles’ performance. The Brambles share price is trading at $9.50 on Tuesday afternoon.
IGO Ltd (ASX: IGO)
Another note out of Morgan Stanley reveals that its analysts have retained their underweight rating and $9.70 price target on this battery materials miner’s shares. This follows the release of its second quarter update which revealed greater than expected capital expenditures. In light of this and its current valuation, the broker appears to see no reason to change its recommendation at this point. The IGO share price is currently fetching $11.73.
The post Leading brokers name 3 ASX shares to sell today appeared first on The Motley Fool Australia.
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More reading
- ARB Corporation (ASX:ARB) share price goes into overdrive, up 9% on revenue surge
- Why Airtasker, ARB, Bubs, and Sezzle shares are pushing higher
- IGO (ASX:IGO) share price lower as revenue slides 18%
- Leading fund manager says these blue-chip ASX shares are buys right now
- Leading brokers name 3 ASX shares to buy 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 has recommended ARB Corporation 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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