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 200 shares:
Costa Group Holdings Ltd (ASX: CGC)
According to a note out of the Macquarie equities desk, its analysts have retained their underperform rating but lifted the price target on this horticulture company’s shares to $2.87. The broker felt that Costa’s annual general meeting update last week was reasonably mixed. And while there were positives in respect to demand and pricing, it wasn’t enough to warrant a change in rating by the broker. The Costa share price is trading at $3.15 this afternoon.
Lovisa Holdings Ltd (ASX: LOV)
Analysts at Citi have downgraded this jewellery retailer’s shares to a sell rating and cut the price target on them to $5.85. According to the note, the broker believes the recovery in the Lovisa share price over the last couple of months has been overdone. Especially as it believes Lovisa could fall short of consensus earnings estimates over the medium term. This is due to changing consumer preferences, lower shopping centre traffic, and a slowdown in its store network expansion. Lovisa shares are changing hands at $7.80 on Tuesday.
Vicinity Centres (ASX: VCX)
A note out of Morgan Stanley reveals that its analysts have retained their underweight rating and $1.25 price target on this shopping centre operator’s shares. This follows the company’s announcement of a $1.2 billion placement and the cancellation of its final dividend. Outside this, it fears that Vicinity’s rent rates will fall heavily due to the pandemic and weigh on its income. The Vicinity share price is trading at $1.55 this afternoon.
Those may be the shares to sell, but these are the shares that analysts have given buy ratings to…
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More reading
- Why Evolution, Iress, Pro Medicus, & Vicinity shares are dropping lower
- ASX 200 down 0.1%: Big four banks drag ASX lower ahead of RBA meeting
- The latest ASX 200 stocks to be upgraded by top brokers
- ASX 200 down 1.2%: Westpac tumbles, Appen reaffirms guidance, Costa CEO to retire
- Why Costa, Freedom Foods, Sonic, & Westpac shares are tumbling lower
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO. 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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