Brokers name 3 ASX shares to sell

Brokers are feeling bearish about these ASX shares…
The post Brokers name 3 ASX shares to sell appeared first on The Motley Fool Australia. –

Given that many brokers are taking a well-earned break over the holiday period, broker notes aren’t being published as regularly as normal.

In light of this, listed below are a few recent broker recommendations that are still very relevant today. Here are three ASX shares rated as sells:

DEXUS Property Group (ASX: DXS)

According to a note out of Citi, its analysts have retained their sell rating and $9.54 price target on this property company’s shares. While Citi acknowledges that a number of the DEXUS’ peers have recently announced strong updates, it isn’t in a rush to change its rating. The broker has previously flagged potential for further weakness in office rental markets, which it feels is likely to feed into office asset pricing. The Dexus share price is trading at $11.13 on Thursday.

Insurance Australia Group Ltd (ASX: IAG)

A note out of Morgan Stanley reveals that its analysts have downgraded this insurance company’s shares to an underweight rating and cut their price target on them to $3.75. Morgan Stanley has concerns over IAG’s margin outlook and ability to hold onto its market share. In light of this, it feels investors should stay away from the company’s shares. The IAG share price is fetching $4.36 at the time of writing.

Qantas Airways Limited (ASX: QAN)

Analysts at Credit Suisse have retained their underperform rating and $4.10 price target on this airline operator’s shares. This followed the release of Qantas’ trading update. Credit Suisse suspects that Qantas could now report a greater than expected loss in FY 2022 of ~$1.6 billion. This is due to the emergence of the omicron variant and the prospect of the international travel recovery being delayed. The Qantas share price is trading at $5.02 on Thursday.

The post Brokers name 3 ASX shares to sell appeared first on The Motley Fool Australia.

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More reading

Why are Transurban (ASX:TCL), Dexus, and Mirvac shares tumbling?

Why is the IAG (ASX:IAG) share price diving in December?

How are ASX 200 travel shares faring over the holiday season?

Is the IAG (ASX:IAG) share price too cheap to ignore?

ASX travel shares in focus on global flight cancellations

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 owns and has recommended Insurance Australia Group 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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