Yesterday we looked at three ASX shares 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 shares:
Evolution Mining Ltd (ASX: EVN)
According to a note out of Macquarie, its analysts have downgraded this gold miner’s shares to an underperform rating with a $4.30 price target. Although Macquarie has increased its gold price forecasts, it isn’t enough to stop the downgrade to underperform. The broker made the move on valuation grounds following a decent rise by the Evolution share price since the end of January. The Evolution share price is currently trading at $4.36.
Magellan Financial Group Ltd (ASX: MFG)
Another note out of Macquarie reveals that its analysts have retained their underperform rating and slashed their price target on this fund manager’s shares by over a third to $12.40. This follows the release of another funds under management update which revealed that it continues to experience heavy fund outflows. Macquarie sees little scope for its shares to re-rate given its belief that material outflows are likely to persist for several quarters. The broker is now forecasting second half fund outflows of $28.5 billion. The Magellan share price is fetching $13.92 today.
Rio Tinto Limited (ASX: RIO)
Analysts at UBS have retained their sell rating and $90.00 price target on this mining giant’s shares. While the broker believes the acquisition of the remaining 49% stake in Turquoise Hill will be a positive for the operation of Oyu Tolgoi operation, it isn’t enough to a change of rating. It continues to see the risk/reward for iron ore as skewed to the downside. The Rio Tinto share price is trading at $106.91 this afternoon.
The post Leading brokers name 3 ASX shares to sell today appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.
*Returns as of January 12th 2022
More reading
- Why are ASX 200 mining shares having such a dire day?
- Top broker gives its verdict on the Magellan (ASX:MFG) share price
- ASX 200 (ASX:XJO) midday update: Uniti jumps on takeover speculation, Rio Tinto and Yancoal tumble
- Cash machines: 6 ASX 200 shares with the highest dividend yields right now
- Rio Tinto (ASX:RIO) share price tumbles despite Oyu Tolgoi transaction news
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 no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
from The Motley Fool Australia https://ift.tt/inXHBtj
Leave a Reply