Leading brokers have named Flight Centre Travel Group Ltd (ASX:FLT) and these ASX shares as sells this week. Here’s why they are bearish…
The post Leading brokers name 3 ASX shares to sell today appeared first on The Motley Fool Australia. –
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 shares:
Flight Centre Travel Group Ltd (ASX: FLT)
According to a note out of Morgan Stanley, its analysts have downgraded this travel agent’s shares to an underweight rating with a $17.50 price target. The broker made the move on valuation grounds, noting that its shares are now trading above their pre-pandemic levels after adjusting for its capital raising. And while it expects Flight Centre’s earnings to rebound in FY 2022, it believes there are better value options for investors in the travel and tourism sector. The Flight Centre share price is fetching $19.09 today.
Goodman Group (ASX: GMG)
A note out of Goldman Sachs reveals that its analysts have retained their sell rating but lifted their price target on this property company’s shares to $12.90. Following a detailed review of its half year results, the broker has upgraded its earnings estimates for the coming years. Nevertheless, its estimates are still below consensus and the broker feels its shares are expensive at current levels. The Goodman share price is currently trading notably higher than this price target at $17.61 on Tuesday afternoon.
Vicinity Centres (ASX: VCX)
Analysts at UBS have retained their sell rating but lifted their price target on this shopping centre focused property company’s shares to $1.54. According to the note, the broker believes that valuations could come under pressure as income profiles and yields are adjusted to account for its lower growth profile. Especially given how city retail properties continue to face difficult trading conditions because of domestic and international border restrictions and working from home initiatives. The Vicinity share price is trading at $1.71.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.