Leading brokers name 3 ASX shares to sell today

Here’s why brokers are bearish on these ASX shares…
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:

Afterpay Ltd (ASX: APT)

According to a note out of UBS, its analysts have retained their sell rating but lifted their price target on this payments company’s shares to $42.00. UBS notes that Afterpay will soon allow US consumers to use its pay anywhere offering at non-integrated retailers including Amazon. UBS is positive on the move and has upgraded its underlying sales estimates meaningfully to reflect this. However, it still isn’t enough for a more positive rating, with the broker continuing to believe its shares are vastly overvalued. The Afterpay share price is fetching $121.00 today.

Air New Zealand Limited (ASX: AIZ)

A note out of the Macquarie equities desk reveals that its analysts have retained their underperform rating and cut their price target on this airline operator’s shares to NZ$1.10 (A$1.02). This follows the recent release of a trading update which revealed that Air New Zealand expects significant losses in both FY 2021 and FY 2022. The Air New Zealand share price is trading at $1.44 this afternoon.

Evolution Mining Ltd (ASX: EVN)

Analysts at Morgan Stanley have downgraded this gold miner’s shares to an underweight rating with a $4.30 price target. According to the note, the broker made the move due to both its belief that the gold price will fall to US$1,660/oz in FY 2022 and on valuation grounds. In respect to the latter, Morgan Stanley notes that its expansion opportunities at Red Lake and Cowal are fully priced into forecasts, meaning there is limited upside risk to its earnings. In addition to this, it notes that there are execution risks to consider. Overall, it feels investors would be better off looking at other miners for exposure to gold. The Evolution share price is trading at $4.54 today.

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 more than eight 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 May 24th 2021

More reading

Afterpay and Zip were among the most traded ASX shares last week

Why Afterpay (ASX:APT) and this ASX share could be top growth options
What truly moves an ASX share price? Knowing the unknown

5 things to watch on the ASX 200 on Tuesday

The Zip (ASX:Z1P) share price is down 6%…profit taking, competition or lockdown fears?

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 shares of and has recommended AFTERPAY T FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!