3 massively popular ASX 200 shares experts say to sell (inc. CBA)

Knowing which ASX 200 shares to avoid can be just as important as knowing ones you should buy.

With that in mind, let’s take a look at three popular shares that experts are tipping as sells, courtesy of The Bull.

Here’s what they are saying:

Commonwealth Bank of Australia (ASX: CBA)

Medallion Financial Group believes CBA shares are expensive and has labelled them as sell.

While the financial group acknowledges the quality of this big four bank, it is concerned that its earnings momentum is slowing given softening credit growth and net interest margin stabilisation. It explains:

CBA remains the highest quality franchise among Australia’s major banks, but the valuation now looks stretched. The stock trades on a price-to-earnings multiple well above its peers despite similar earnings growth prospects. The recent annual dividend yield around 3 per cent is modest compared with other income opportunities.

With credit growth slowing and net interest margins stabilising, we believe earnings momentum is unlikely to justify such a premium valuation. After a strong share price run, investors may want to consider taking profits and reallocating capital to more attractively valued opportunities.

DroneShield Ltd (ASX: DRO)

The team at Alto Capital believes that this counter-drone technology company’s shares are fully valued and thinks investors should be taking profit. As a result, it has labelled DroneShield shares as a sell.

Alto Capital highlights that the company has a positive outlook but that its valuation reflects significant future growth expectations. It said:

DroneShield operates in the counter-drone defence technology sector, providing detection and mitigation systems used to protect military, government and critical infrastructure assets. The company has benefited from strong investor interest in defence and security technologies, with the share price rallying sharply over the past year in response to geopolitical tensions and intensifying defence spending narratives.

While the long term outlook for counter-drone solutions remains compelling, DroneShield’s valuation increasingly reflects significant future growth expectations. Revenue remains contract-driven and can be uneven, with earnings visibility still developing as the company scales up globally. Following recent share price strength and a re-rating, the current risk-reward balance favours taking profits at present levels.

Qantas Airways Ltd (ASX: QAN)

Finally, DP Wealth Advisory has named airline operator Qantas as a sell.

This is due to concerns over the impact that higher oil prices could have on profitability. And with more attractive opportunities out there, the advisory firm thinks investors should avoid Qantas shares for the time being. It said:

Qantas is a well managed domestic and international airline, holding a 70 per cent market share in Australia. The shares were trading at $10.65 on February 25, a day prior to the company posting its first half year result in fiscal year 2026. The stock was trading at $8.46 on March 19. Qantas announced on March 13, 2026 that it had settled a class action for $105 million regarding flight credits during COVID-19.

The company has hedged jet fuel supply prices in the shorter term, but I’m concerned about the impact of possibly higher crude oil prices over the longer term. I’m also mindful of the expense involved in Qantas upgrading its airline fleet after years of under investment by previous management as well as COVID-19. Qantas has a high fixed cost base. In my view, it’s a cyclical stock due to its reliance on consumer and business sentiment. Other stocks appeal more at this point.

The post 3 massively popular ASX 200 shares experts say to sell (inc. CBA) appeared first on The Motley Fool Australia.

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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. has positions in and has recommended DroneShield and is short shares of DroneShield. 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 Scott Phillips.