Category: Stock Market

The Westpac Banking Corp (ASX: WBC) share price was out of form on Thursday.

Australia’s oldest bank’s shares ended the day 1% lower at $24.24.

But that couldn’t take the shine off what was a very positive month for the Westpac share price.

How did the Westpac share price perform in March?

Despite its end of month blip, the Westpac share price climbed 6% over the month of March.

This has stretched its year to date gain to a sizeable 12%, which compares very favourably to the ASX 200 index and its 1.2% decline in 2022.

Investors were bidding the big four banks higher last month after it became apparent that the Reserve Bank of Australia would be lifting rates much sooner than expected.

This would be good news for the banks as it would be a big boost to their interest income, which has been under significant pressure with rates close to zero.

What’s the outlook on rates?

According to the most recent Westpac Weekly economic report, its team are forecasting the central bank to make its first cash rate increase in August, followed by a second hike in October. It explained:

“Our forecast, prior to this update, was for the RBA to raise the cash rate by 15 basis points in August; to be followed by 25 basis points in October; and 25 in February; May; August; and December in 2023; with the final 25 in February 2024.

We now expect the RBA to bring forward the third hike from February, 2023 to December 2022, and follow the same pattern throughout 2023 with the cycle ending in November 2023 rather than February 2024.

This would mean that the RBA would end 2022 having restored the 65 basis points of emergency cuts which it implemented during Covid.”

Though, Westpac acknowledges that its forecasts are “significantly more modest” than what the market is expecting. This is on the belief that the FOMC and RBA will make “more progress in settling inflation and tempering demand than is expected by the market.”

Nevertheless, there’s no denying that the outlook for Westpac and the rest of the banks has improved meaningfully since this time last month.

The post How did the Westpac share price perform in March? appeared first on The Motley Fool Australia.

More reading

• How did ASX 200 bank shares perform today?
• What’s the outlook for the Westpac share price in April?
• Why analysts rate Westpac and this ASX dividend share as buys
• Why are ASX 200 bank shares underperforming on Thursday?
• NAB, ANZ and CBA shares in focus as top broker tips extra $5b share buyback

Motley Fool contributor James Mickleboro owns Westpac Banking Corporation. 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 Westpac Banking Corporation. 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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The Vulcan Energy Resources Ltd ­(ASX: VUL) share price surged higher in March as the company dropped a barrage of news.

Over the course of the last 31 days, the renewable energy-focused lithium developer’s stock has gained 17.8%.

As of the final close of the month, the Vulcan Energy share price is $10.12.

For context, the S&P/ASX 200 Index (ASX: XJO) gained 6.7% over the same period while the All Ordinaries Index (ASX: XAO) rose 6.6%.

So, what’s been boosting Vulcan Energy’s shares into the green lately? Let’s take a look.

Vulcan Energy’s stock surges 18% in March

The Vulcan Energy share price took off this month amid news of the company’s maiden revenue from operations and its Zero Carbon Lithium Project.

The first time the market heard from Vulcan Energy this month was on 10 March. Then, it released its report for the first half of financial year 2022 in a non-price sensitive announcement.

Within the release, Vulcan Energy announced it had brought in nearly 690,000 euros from continuing operations over the 6 months ended 31 December 2021.

The maiden revenue was driven from the company’s recently acquired Insheim Plant, a geothermal energy power plant.

It also reported an increase in its net assets and a net loss after tax of around 6.2 million euros for the period.

The Vulcan Energy share price gained just 1.2% on the day it release its half-year report.

The following week, the company released good news about its Zero Carbon Lithium Project.

Vulcan Energy announced it had begun re-fabrication work on the project’s direct lithium extraction demonstration plant.

That means it’s on track to commission the plant in mid-2022.

The news comes after the company recorded nearly 12 successful months of operations at its direct lithium extraction pilot plant. The pilot plant has been operating at levels above those predicted in its pre-feasibility study.

The update saw the Vulcan Energy share price launch 5.5% higher.

Finally, in other non-price sensitive news, the company welcomed Dr Günter Hilken to its board last week.

Hilken has worked in Germany’s chemicals, renewables. and infrastructure investment sectors for the past 35 years.

Vulcan Energy chair Gaven Rezos noted Hilken’s skills will help the company supply German geothermal energy to replace Russian gas used in heating.  

Vulcan Energy share price snapshot

Sadly, this month’s gains weren’t enough to boost the Vulcan Energy share price back into the long-term green.

It is still 6.6% lower than it was at the start of 2022. Though, it has gained 69% since this time last year.

The post March was a stellar month for the Vulcan Energy (ASX:VUL) share price. Here’s why appeared first on The Motley Fool Australia.

More reading

• Vulcan (ASX:VUL) share price lifts amid company quest to replace Russian gas
• Experts name 3 of the best ASX lithium stocks to buy now
• Here’s why the Vulcan (ASX:VUL) share price is charging higher today
• Why Ampol, EML, Vulcan, and Zip shares are zooming higher
• Renewable energy shift ‘is about to accelerate’ making Vulcan (ASX:VUL) shares a buy: Broker

Motley Fool contributor Brooke Cooper owns Vulcan Energy Resources Limited. 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.

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The Telstra Corporation Ltd (ASX: TLS) share price finished in the green today amid the company securing a new government deal.

The Telstra share price closed at $3.96, a 1.54% gain. For perspective, the S&P/ASX 200 Communication Services Index (ASX: XTJ) climbed 0.7% today.

Let’s take a look at what is going on at Telstra.

New government deal

Telstra has secured a new $187 million contract to upgrade internet speeds in Queensland schools.

The company has signed a five-year contract to provide faster internet at 1,258 state schools.

Telstra Enterprise chief customer officer John Ieraci said:

Over the next 18 months we’ll be rolling out a significant amount of infrastructure across every corner of the state, including connecting around 40 schools to fibre for the first time.

It’s one of several recent education projects that we’ve undertaken with state governments.

The Queensland Government described the deal as a “game changer” in a media statement today. Education Minister Grace Grace said the project would increase average internet speeds by 40 times.

Grace added:

Telstra’s upgrades to hundreds of exchanges also means the flow on benefits for communities and businesses will be huge.

This partnership will also see Telstra invest $110 million to upgrade hundreds of exchanges across Queensland. Around 350 have already been identified and there will be more added as the work progresses.

What else is happening with Telstra?

Telstra has been in the headlines recently. Yesterday, the company appointed a new CEO, Vicki Brady. Brady was promoted after serving as the chief financial officer from 2015. Brady takes over from outgoing CEO Andrew Penn. He will retire on 31 August after more than seven years in the role.

Telstra share price snapshot

The Telstra share price is up 16.47% over the past 12 months. For perspective, the benchmark S&P/ASX 200 Index has returned 9.8% over the past year.

Telstra has a market capitalisation of $45.81 billion based on its closing share price today.

The post What helped boost the Telstra share price on Thursday? appeared first on The Motley Fool Australia.

More reading

• Here are the 3 most heavily traded ASX 200 shares this Thursday
• ASX 200 (ASX:XJO) midday update: Telstra CEO steps down, Fortescue confirms E.ON deal
• What you need to know about the new Telstra CEO
• Telstra share price on watch amid shock CEO exit
• 2 ASX dividend shares analysts rate as buys for April

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended Telstra Corporation 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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The Ramsay Health Care Limited (ASX: RHC) share price was a positive performer on Thursday.

The private hospital operator’s shares rose 0.6% to $65.15.

Though, despite this gain, the Ramsay Health Care share price remains down almost 10% in 2022.

Is the Ramsay Health Care share price in the buy zone?

While the weakness in the Ramsay Health Care share price in 2022 has been disappointing for shareholders, it could be a buying opportunity for others.

That’s the view of the team at Goldman Sachs, which this morning reiterated its buy rating on the company’s shares.

And with Goldman holding firm with its $74.00 price target, this suggests there’s potential upside of almost 14% for the Ramsay Health Care share price from current levels.

What did the broker say?

This week Goldman hosted Ramsay Health Care’s CEO Craig McNally and CFO Martyn Roberts for an operational update and broader strategic discussion.

Following the meeting, Goldman commented: “With restrictions continuing to ease across all major markets, RHC is seeing a stronger, albeit uneven, volume development through 2H22 to date. As in previous post-restriction periods, there is a short-term dilutive skew to case-mix, which RHC confidently expects to normalise through coming quarters. Whilst staffing availability/cost remains a primary challenge across all hospital operators, RHC appears more favourably positioned than most global peers.”

The broker also spoke to Ramsay Health Care about acquisitions. Management appeared to indicate that the focus would be on smaller bolt-on acquisitions rather than anything material.

It explained: “Per management, any further M&A efforts in the near-term are likely to focus on bolt-ons for Elysium (i.e. mental health facilities in the UK), and smaller primary care centers/specialists in Scandinavia. We did not sense appetite for larger, strategic assets any time soon.”

Overall, Goldman appears to have come away from the meeting feeling confident about its rating on the Ramsay Health Care share price and has reiterated its buy rating.

The post Top broker tips Ramsay Health Care (ASX:RHC) share price to rise 14% appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Thursday
• Ramsay (ASX:RHC) share price pushes higher on US$1.35bn proposal for Asian JV
• Top brokers name 3 ASX shares to buy next week
• 4 ASX healthcare shares at 52-week lows

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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When it comes to ASX dividend shares, there are few more ‘old-school’ than Washington H. Soul Pattinson and Co Ltd (ASX: SOL). Soul Patts, as it’s more easily known, has been around in some form since the 1870s. But it only became the public company we know today in 1903 – just two years after the Australian federation.

Since then, it has continued to run the chain of pharmacies it was originally founded on. But these days, it is far more well known for its huge portfolio of other ASX shares that it runs on behalf of its investors.

Soul Patts has stakes in a range of other ASX businesses. These include TPG Telecom Ltd (ASX: TPG), Brickworks Limited (ASX: BKW), and New Hope Corporation Limited (ASX: NHC), among others. Its portfolio was recently expanded when Soul Patts acquired the listed investment company (LIC) Milton Corporation.

Soul Patts aims to invest in these, and other businesses, for the long-term gains of shareholders. As such, many investors find it to be a boring company. But not Motley Fool analyst Ed Vesely.

Vesely recently graced The Motley Fool’s YouTube channel for our Stock of the Week series. In the latest episode, Vesely dug into Soul Patts with the Fool’s chief investment officer Scott Phillips.

Motley Fool analyst Ed Vesely on Soul Patts

Here’s some of why Vesely loves Soul Patts right now:

[Soul Patts] has an incredible track record, going back 119 years … that tells me a lot about the management style, they really care about the shareholder … We like the fact that they take a very, very long term view … They’re investors, but it’s not lazy investing … The company invests in a range of assets that are not only diversified but to a large degree uncorrelated, and I think this is a real key to why I think it can outperform over the long run. The long-term approach is where I think wealth can be generated.

Vesely also likes the recent Milton takeover, saying it increases Soul Patts’ scale. He also loves the fact Soul Patts has one of the best dividend records on the ASX. He points out that the company has maintained or increased its dividend every year since at least 1987, with consecutive annual increases since 2000.

Vesely concluded by calling Soul Patts a stock you can put in the bottom drawer, and not worry about too much. That might sound pretty good to many investors out there.

So that’s why Motley Fool analyst Ed Vesely loves Soul Patts shares today.

At the current Soul Patts share price, this ASX 200 share has a market capitalisation of $3.9 billion, with a dividend yield of 2.26%.

The post Here’s why Motley Fool analyst Ed Vesely loves this old-school ASX dividend share appeared first on The Motley Fool Australia.

More reading

• Here’s a look at some ASX shares with ex-dividend dates coming up in April
• Are these 2 ASX dividend shares top buys for income in April?
• Why APM, Firefinch, Rio Tinto, and Soul Patts shares are charging higher today
• These strong ASX 200 dividend shares just gave shareholders a pay rise
• ASX 200 (ASX:XJO) midday update: Brickworks impresses, Uniti confirms takeover approach

Motley Fool contributor Sebastian Bowen owns Washington H. Soul Pattinson and Company Limited. Ed Vesely owns Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Brickworks and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia owns and has recommended Brickworks and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has recommended TPG Telecom 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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In late afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.1% to 7,524.6 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:

Air New Zealand Limited (ASX: AIZ)

The Air New Zealand share price is down 6% to $1.20. This follows the announcement of a NZ$2.2 billion recapitalisation package. The airline operator is raising NZ$1.2 billion of this via a rights offer at a 62% discount of 49 Australian cents per new share. Eligible shareholders will be able to purchase two new shares for every share they already own. The balance will be raised via the Crown.

Block Inc (ASX: SQ2)

The Block share price is down 4% to $186.30. Investors have been selling Block and other tech shares following a poor night of trade on the tech-focused Nasdaq index in the United States. This has led to the S&P ASX All Technology index falling 1.5% today.

Eagers Automotive Ltd (ASX: APE)

The Eagers Automotive share price is down 2% to $14.22. This has been driven entirely by the auto retailer’s shares trading ex-dividend this morning for its upcoming final fully franked dividend of 42.5 cents per share. In fact, if you take this dividend out of the equation, Eagers Automotive’s shares would be trading higher on Thursday.

Harvey Norman Holdings Limited (ASX: HVN)

The Harvey Norman share price is down 6% to $5.36. As with Eagers Automotive, this decline is attributable to the retailer’s shares trading ex-dividend this morning. Earlier this month Harvey Norman declared a fully franked interim dividend of 20 cents per share. This will be paid to eligible shareholders next month on 2 May.

The post Why Air NZ, Block, Eagers Automotive, and Harvey Norman shares are dropping appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: Tabcorp demerger update, BHP higher, Block tumbles
• Air New Zealand (ASX:AIZ) share price plummets on confirmation of NZ$2.2b ‘recovery’ cap raise
• Here’s why the Harvey Norman (ASX:HVN) share price is slipping today
• 5 things to watch on the ASX 200 on Thursday
• Air New Zealand (ASX:AIZ) share price drops then stops amid NZ$1.2bn cap raise rumblings

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. owns and has recommended Block, Inc. and Harvey Norman Holdings Ltd. The Motley Fool Australia owns and has recommended Block, Inc. and Harvey Norman Holdings Ltd. 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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The CSL Limited (ASX: CSL) share price has underperformed the broader market in March despite no negative news from the company.

In fact, only one price-sensitive release from the biotechnology giant hit the market over the last 31 days. Still, the CSL share price has managed to record a gain for the month.

At the time of writing, it’s trading at $270, 3.8% higher than it was at the end of February.

For context, the S&P/ASX 200 Index (ASX: XJO) has risen 6.8% over the same period.

So, what’s been driving the ASX 200 staple’s stock lately? Let’s take a look.

What’s been driving the CSL share price in March?

There was only one price-sensitive update released by CSL this month – and it managed to send its share price just 0.3% higher.

The news was in regards to the company’s US$12.3 billion acquisition of Swiss-listed Vifor Pharma.

News of the acquisition, which spurred a US$4.5 billion capital raise, first broke in mid-December.

The latest update on the transaction dropped on 4 March. Then, the company announced 74% of Vifor Pharma’s shares were tendered under its public tender offer.

In response to the acceptance rate, the company waived its previous goal of 80% and declared the offer a success.

The next step the company was to take – a tender period for subsequent acceptance of the offer – was to begin on 9 March and continue until 22 March.

Additionally, CSL stated regulatory approvals were going well and it was confident the acquisition would be finished around the middle of this year.

Unfortunately, the CSL share price tumbled 3.3% the following trading day (7 March). However, the slump wasn’t totally unexpected.

That’s because CSL traded ex-dividend on 7 March. That means new investors had missed their window to get their hands on CSL’s US$1.04 per share unfranked interim dividend.

Generally, shares fall on their ex-dividend dates because the value of their upcoming dividend is no longer attached to their stock.

Finally, the CSL share price took off on 8 March, gaining 2.8% amid news the company’s new influenza vaccine had gained regulatory approval to be used in children above the age of two.

However, the company’s decent March gains haven’t been enough to boost the company’s stock back into the long-term green.

The CSL share price is still almost 9% lower than it was at the start of 2022.

The post How did the CSL share price perform in March? appeared first on The Motley Fool Australia.

More reading

• Why is the CSL share price climbing on Wednesday?
• What’s the outlook for the CSL share price in April?
• Expert reveals 3 ASX shares to watch following tonight’s federal budget
• Why the CSL (ASX:CSL) share price will ‘find its mojo again’: expert
• 3 ASX shares I own myself that will rise again soon: expert

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended CSL Ltd. 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.

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The S&P/ASX 200 Index (ASX: XJO) is again powering ahead in another day of green so far this Thursday. At the time of writing, the ASX 200 is up by a solid 0.23% at just over 7,500 points. 

But let’s delve a little deeper into these gains and take a look at the ASX 200 shares topping the market’s trading volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume on Thursday

Telstra Corporation Ltd (ASX: TLS)

Telstra is our first ASX 200 share up this Thursday. The telco has had a hefty 15.7 million shares swap owners so far today. We haven’t had any news out of the company today, noting the announcement yesterday of current CEO Andy Penn’s retirement. 

However, the Telstra share price is experiencing a strong day of gains so far. It’s currently up by 1.41% at $3.96. It’s likely that this push upward is responsible for Telstra’s elevated share trading that we are seeing.

Nickel Mines Ltd (ASX: NIC)

Nickel Mines is our next ASX 200 share up today. This nickel miner has seen a sizeable 16.68 million of its own shares bought and sold on the markets as it now stands. There has been no major news out of Nickel Mines that might explain this volume.

However, looking at the Nickel Mines share price, the picture arguably becomes clearer. Nickel Mines is currently in the red, down by 0.63% at $1.26. However, it initially spent some time in green territory earlier today, rising as high as $1.28 a share. Thus, it is possible that this volatility is behind this high trading volume. 

AVZ Minerals Ltd (ASX: AVZ)

Another ASX 200 resources share AVZ is our third and final share to check out today. This Thursday has seen a whopping 26.77 million shares swap hands as it currently stands. Again, we seem to have a big share price move to thank for this volume. 

Fortunately, it’s going in the opposite direction to Nickel Mines, with the AVZ share price currently up a pleasing 3.73% at $1.25 a share after touching a new all-time high of $1.26 earlier this afternoon. 

The post Here are the 3 most heavily traded ASX 200 shares this Thursday appeared first on The Motley Fool Australia.

More reading

• What’s dragging on ASX 200 energy shares today?
• What exactly is vanadium and which ASX shares have exposure?
• ASX 200 (ASX:XJO) midday update: Tabcorp demerger update, BHP higher, Block tumbles
• 2 ‘very interesting’ ASX shares to buy now as ASX 200 roars back
• 5 things to watch on the ASX 200 on Thursday

Motley Fool contributor Sebastian Bowen owns Telstra Corporation Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended Telstra Corporation 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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The Zip Co Ltd (ASX: Z1P) share price is edging lower today as the company prepares to close its share purchase plan (SPP) tomorrow.

At the time of writing, the buy-now pay-later (BNPL) provider’s shares are travelling 2.93% lower to $1.49.

All the important details regarding the SPP

Earlier this month, Zip announced that it opened its SPP to eligible shareholders after successfully completing a $148.7 million institutional placement.

The SPP offers shareholders who were on the company’s register at the end of 25 February to subscribe for new shares.

Each retail shareholder can apply for up to $30,000 worth of new Zip shares without incurring brokerage or other transaction costs.

The issue price listed under the SPP is almost certain to be a 2% discount to the volume weighted average price for the five trading days up to Friday 1 April 2022.

In contrast, the institutional placement saw institutional, sophisticated and professional investors pick up Zip shares for $1.90 apiece.

The company is seeking to raise an additional $50 million under the SPP to help Zip strengthen its balance sheet.

In addition, management is looking to inject more capital runway to execute on the potential synergies from the upcoming transaction. This relates to the $491 million all-scrip acquisition of Sezzle Inc (ASX: SZL).

Whether the SPP will successfully raise $50 million is anyone’s guess. The company’s shares have continued to decline over the past year, which may scare away shareholders from investing more money.

The SPP has been open from 11 March and will close tomorrow 1 April.

Zip is expected to release the announcement of the results next Wednesday 6 April.

Zip share price summary

It has been a whirlwind year for Zip investors, losing almost 80% in value.

The company’s shares rocketed to a 52-week high of $10.61 in April 2021, before quickly plummeting throughout the year.

When comparing this to the S&P/ASX All Technology Index (ASX: XTX), the index has lost 3% over the same time frame.

Zip commands a market capitalisation of around $1 billion and has more than 669.06 million shares on its registry.

The post The Zip share purchase plan closes tomorrow. Here’s what you need to know appeared first on The Motley Fool Australia.

More reading

• Could the Zip share price turn over a new leaf in April?
• Why is the Zip share price launching 7% on Tuesday?
• Guess how many cents now separate the Zip share price from its market-crash low
• Why Evolution, Fisher & Paykel Healthcare, St Barbara, and Zip shares are falling
• These are the 10 most shorted ASX shares

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended ZIPCOLTD FPO. 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.

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On Wednesday, we looked at three ASX shares that brokers have given buy ratings to this week. Unfortunately, not all shares are in favour with brokers right now.

Three ASX shares that have just been given sell ratings by brokers are listed below. Here’s why they are bearish on them:

Commonwealth Bank of Australia (ASX: CBA)

According to a note out of Morgan Stanley, its analysts have retained their underweight rating and $92.00 price target on this banking giant’s shares. Morgan Stanley has been looking at the impact that cash rate rises will have on the sector. Unfortunately, it suspects that any net interest margin boost from hikes may be partly offset by higher funding costs, more intense mortgage competition, and modestly higher loan losses. Outside this, the broker believes CBA’s shares are overvalued at the current level. The CBA share price is trading at $106.40 on Thursday.

IGO Ltd (ASX: IGO)

Another note out of Morgan Stanley reveals that its analysts have retained their underweight rating but lifted their price target on this battery materials focused miner’s shares to $11.35. While the broker has lifted its earnings and dividend estimates to reflect stronger commodity prices, it isn’t enough for a change of rating due to its current valuation. The IGO share price is fetching $14.04 on Thursday afternoon.

Vicinity Centres (ASX: VCX)

A final note out of Morgan Stanley shows that its analysts have retained their underweight rating and $1.82 price target on this shopping centre operator’s shares. Morgan Stanley fears that it could take some time for Vicinity Centres’ earnings to bounce back. It suspects that even if temporary COVID-19 impacts on income were to stop now, its funds from operations would still be 12% to 14% lower than pre-COVID levels. The Vicinity Centres share price is trading at $1.87 today.

The post Top brokers name 3 ASX shares to sell today appeared first on The Motley Fool Australia.

More reading

• Why has the CBA share price outperformed its big four peers in March?
• How did ASX 200 bank shares perform today?
• The CBA dividend is being paid today. Here’s what you need to know
• 5 things to watch on the ASX 200 on Wednesday
• Buy or sell? ASX experts rate the CBA share price for April

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.

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