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:
AGL Energy Limited (ASX: AGL)
According to a note out of UBS, its analysts have retained their sell rating and slashed their price target on this energy company’s shares to $7.60. UBS has been looking at its separation plans and isn’t overly convinced with what it sees. The broker suspects that it may require upwards of $600 million of additional equity to support an investment grade credit rating for both businesses. In addition to this, it has concerns over lower wholesale electricity prices. The AGL share price is fetching $8.19 on Thursday.
Cochlear Limited (ASX: COH)
A note out of Citi reveals that its analysts have retained their sell rating and $200.00 price target on this hearing solutions company’s shares. According to the note, Citi has been looking over the results of major listed competitors, including Sonova and Demant. These results have been in line with expectations and point to the cochlear implant market recovering post-pandemic. And while the broker is forecasting a profit result in FY 2021 ahead of Cochlear’s current guidance, it still isn’t enough for a change of rating. The broker continues to believe that its shares are overvalued at the current level. The Cochlear share price is currently trading at $216.15.
St Barbara Ltd (ASX: SBM)
Analysts at Macquarie have downgraded this gold miner’s shares to an underperform rating and cut the price target on them to $1.80. This follows St Barbara’s update earlier this week that revealed a downgrade to its production guidance and an increase to its cost guidance. While the broker wasn’t surprised by the downgrade, it was still far greater than it expected. The St Barbara share price has fallen heavily this week and is now trading in line with this price target at $1.80.
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More reading
- ASX 200 sinks, EML plunges, Appen soars
- AGL share price hits lowest level since 2004 as dividend tops 10%
- Why BHP, EML Payments, Laybuy, & St Barbara are sinking today
- Top brokers name 3 ASX shares to buy today
- ASX 200 rises, Nuix jumps, James Hardie drops
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