On Monday I looked at three ASX shares that brokers have given buy ratings to this week.
Unfortunately, not all shares are in favour with them right now. Three that have just been given sell ratings are listed below.
Here’s why these brokers are bearish on these ASX shares:
Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)
According to a note out of UBS, its analysts have retained their sell rating and NZ$20.20 (A$18.45) price target on this medical device company’s shares. While the broker acknowledges that the company has a major opportunity in the home respiratory device market, it isn’t enough for a change of rating. UBS continues to believe that its shares are overvalued at the current level. The Fisher & Paykel Healthcare share price is trading at $33.54 on Tuesday.
National Storage REIT (ASX: NSR)
A note out of Goldman Sachs reveals that its analysts have retained their sell rating and lowered the price target on this self storage company’s shares to $1.54. Although National Storage delivered a full year result in line with the broker’s expectations, it isn’t overly confident on FY 2021. Goldman expects the company’s earnings to slide 3.5% this year, before rebounding 6.6% in FY 2022. In light of the tough year ahead, the broker retains its sell rating and believes there are more attractive opportunities for investors to focus on. The National Storage share price is changing hands for $1.86 this afternoon.
PointsBet Holdings Ltd (ASX: PBH)
Analysts at Credit Suisse have downgraded this sports betting company’s shares to an underperform rating with a $6.50 price target. According to the note, the broker notes that PointsBet has signed a major deal with NBC Universal in the United States. However, as the agreement has a marketing spend commitment of US$393 million over five years for PointsBet, the broker suspects it could take until FY 2025 before the company delivers operating earnings in the market. In light of this, it feels its shares are overvalued currently. The PointsBet share price is trading $13.15 on Tuesday.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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