On Wednesday 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 them:
Ansell Limited (ASX: ANN)
According to a note out of Macquarie, its analysts have retained their underperform rating but lifted the price target on this health and safety products company’s shares to $30.40. Although the broker believes Ansell is well-positioned to benefit from increasing demand for personal protective equipment, it has concerns over capacity constraints. It doesn’t believe the market is factoring this into its current valuation and thus believes its shares are overvalued. The Ansell share price is trading at $34.47 this afternoon.
Blackmores Limited (ASX: BKL)
A note out of Credit Suisse reveals that its analysts have retained their underperform rating but lifted their price target on this health supplements company’s shares to $65.00. The broker appears to support the company’s decision to strengthen its balance sheet. It also notes that Blackmores has reaffirmed its profit guidance for FY 2020. However, this isn’t enough for a change in rating. The broker retains its underperform rating on valuation grounds. The Blackmores share price is up 1.5% to $80.10 on Thursday.
Sonic Healthcare Limited (ASX: SHL)
Analysts at UBS have retained their sell rating but lifted their price target on this healthcare company’s shares to $25.10. The broker has been analysing pandemic testing data and believes that testing rates have already peaked in Australia. It also notes that testing rates have flattened in the UK and growth expected to slow in the United States. This could mean Sonic doesn’t benefit as greatly as the market was expecting from testing activities. The Sonic share price is trading at $29.15 this afternoon
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More reading
- Why ANZ, Blackmores, IDP Education, & Nearmap shares are racing higher
- ASX 200 up 2.4%: Blackmores raises $92m, big four banks jump, Nearmap rockets
- Why the Blackmores share price is charging higher today
- 5 things to watch on the ASX 200 on Thursday
- ASX 200 edges down, bank share prices fly
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Blackmores Limited. The Motley Fool Australia has recommended Ansell Ltd. and Sonic Healthcare Limited. 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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