Once again, a large number of broker notes hit the wires last week. Some of these notes were positive and some were bearish.
Three sell ratings that caught my eye are summarised below. Here’s why top brokers think investors ought to sell these shares next week:
Australia and New Zealand Banking GrpLtd (ASX: ANZ)
According to a note out of Citi, its analysts have retained their sell rating and $28.00 price target on this banking giant’s shares. Citi doesn’t expect ANZ to benefit as greatly from potential rate increases in New Zealand as the market may think. In addition, the broker has noted that recent APRA data suggests there has been a sharp contraction in ANZ’s mortgage book. The ANZ share price was fetching $27.44 at Friday’s close.
Fortescue Metals Group Limited (ASX: FMG)
A note out of Morgan Stanley reveals that its analysts have retained their underweight rating and cut their price target on this iron ore producer’s shares to $12.50. The broker continues to be bearish on miners with exposure to low grade iron ore. Morgan Stanley is expecting low grade iron ore prices to be weak due to lower overall demand and a preference for high grade ore. The Fortescue share price was trading at $14.57 on Friday afternoon.
Ramsay Health Care Limited (ASX: RHC)
Another note out of Morgan Stanley reveals that its analysts have retained their underweight rating and $60.00 price target on this private hospital operator’s shares. This follows the release of an update on elective surgery restrictions in Australia. The broker suspects that the restrictions could impact Ramsay’s FY 2022 earnings by upwards of $50 million. Morgan Stanley expects this to stifle the company’s growth this year. The Ramsay share price was fetching $68.33 at the end of the week.
The post Top brokers name 3 ASX shares to sell next week appeared first on The Motley Fool Australia.
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More reading
- These were the best performing ASX bank shares in September
- Why the Fortescue (ASX:FMG) share price was sold off in September
- These were the 5 worst performing ASX 200 shares in September
- 2 ASX 200 dividend shares named as buys for October
- Ramsay (ASX:RHC) share price on watch on Friday after update
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended 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.
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