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:
Beach Energy Ltd (ASX: BPT)
According to a note out of Macquarie, its analysts have downgraded this energy producer’s shares to an underperform rating but lifted their price target to $1.50. This follows the release of a half year result that fell short of Macquarie’s estimates. And while the broker has upgraded its earnings forecasts and price target to reflect production growth, it isn’t in a rush to change its rating. Macquarie believes investors would be better off with other options in the sector that offer more value for money. The Beach share price ended the week at $1.49.
Fortescue Metals Group Limited (ASX: FMG)
A note out of UBS reveals that its analysts have retained their sell rating and cut their price target on this mining giant’s shares to $16.30. While UBS acknowledges that Fortescue delivered a strong first half result, it doesn’t appear confident on the second half and beyond. This is due to inflationary pressures and concerns that iron ore demand could soften as Chinese construction slows and supply improves. UBS also sees risks with the Iron Bridge project. The Fortescue share price was fetching $19.85 at Friday’s close.
Woolworths Group Ltd (ASX: WOW)
Analysts at Credit Suisse have retained their underperform rating and cut their price target on this retail giant’s shares to $30.87. Ahead of the company’s half year results, the broker has reduced its estimates and suspects that management may do the same with its guidance. Credit Suisse feels that with competition increasing, the company will put customers ahead of shareholders. The Woolworths share price ended the week at $34.01.
The post Top brokers name 3 ASX shares to sell next week appeared first on The Motley Fool Australia.
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More reading
- Is the Woolworths (ASX:WOW) share price a buy or sell right now?
- These were the worst performers on the ASX 200 last week
- Why Fortescue, Goodman, Inghams, and QBE shares are dropping
- What is a supercycle and are ASX 200 mining shares at the start of one?
- Dividends down, Fortescue (ASX:FMG) Future Industries spending up. Here’s the miner’s justification
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 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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