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 ASX shares that have just been given sell ratings by brokers are listed below. Here’s why these brokers are bearish on them:
Flight Centre Travel Group Ltd (ASX: FLT)
According to a note out of Morgan Stanley, its analysts have retained their underweight rating and cut the price target on this travel agent’s shares to $16.00. This follows the release of a trading update earlier this week. The broker was disappointed with the update and management’s admission that it will be making a second half loss in the region of $250 million. This is significantly more than the broker was expecting. The Flight Centre share price has fallen heavily since the release and is now trading below this price target at $14.33.
Magellan Financial Group Ltd (ASX: MFG)
A note out of Goldman Sachs reveals that its analysts have retained their sell rating but lifted their price target on this fund manager’s shares to $47.97. According to the note, Goldman was pleased with Magellan’s stronger than expected performance during March and April. This means its funds are tracking ahead of its estimates, leading to an upgrade to earnings forecasts. However, it feels its shares are fully valued at the current level. It also has concerns over further risks to revenues in the near term. The Magellan share price is trading at $47.84 today.
Ramsay Health Care Limited (ASX: RHC)
Another note out of Morgan Stanley reveals that its analysts have retained their underweight rating but lifted their price target on this private hospital operator’s shares to $62.00. According to the note, Ramsay underperformed the broker’s expectations during the third quarter. In light of this and significant uncertainty in the industry, its analysts aren’t in a rush to change their recommendation and have held firm with the underweight rating. The Ramsay share price is fetching $63.40 this afternoon.
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More reading
- ASX 200 rises, ANZ drops, Nearmap jumps
- ASX healthcare shares could be next to be hit by the digital disruption
- Why Afterpay, ANZ, Domino’s, & Flight Centre shares are tumbling lower
- ASX 200 jumps 0.7%: ANZ half year results, Nearmap jumps
- Is the Flight Centre (ASX:FLT) share price a buy after its Q3 update?
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Flight Centre Travel Group Limited and Ramsay Health Care Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
The post Top brokers name 3 ASX shares to sell today appeared first on The Motley Fool Australia.
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