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:
Blackmores Limited (ASX: BKL)
According to a note out of Citi, its analysts have retained their sell rating and $73.16 price target on this health supplements company’s shares. Citi believes that rival Swisse’s focus on growing its share of the supermarket channel could be bad news for Blackmores and weigh on its sales growth. It also highlights that Swisse is making a significantly higher investment in sales and marketing activities. The Blackmores share price ended the week at $74.39.
Commonwealth Bank of Australia (ASX: CBA)
Another note out of Citi reveals that its analysts have retained their sell rating and $90.75 price target on this banking giant’s shares. Citi has been busy looking at the Australian banking sector and highlights that the big four banks have significantly outperformed global peers since Russia invaded Ukraine. Unfortunately, the broker isn’t convinced that this will continue given the lack of revenue growth on offer in the sector. In addition, the broker still sees CBA’s shares are overvalued at the current level. The CBA share price was fetching $105.92 on Friday.
Fortescue Metals Group Limited (ASX: FMG)
Analysts at UBS have retained their sell rating and $16.30 price target on this mining giant’s shares. According to the note, the broker has concerns that Fortescue and other Western Australian miners could be facing production disruption from increasing COVID-related absenteeism. In light of this, it sees scope for iron ore shipment guidance downgrades. The Fortescue share price was trading at $19.27 on Friday afternoon.
The post Top brokers name 3 ASX shares to sell next week appeared first on The Motley Fool Australia.
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- Top brokers name 3 ASX shares to sell 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 Blackmores 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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