Top brokers name 3 ASX shares to sell next week

Top brokers have named Commonwealth Bank of Australia (ASX:CBA) and these ASX shares as sells for next week. Here’s why they are bearish…
The post Top brokers name 3 ASX shares to sell next week appeared first on The Motley Fool Australia. –

hand drawing a clock face with the words time to sell

Once again, a large number of broker notes hit the wires last week. Some of these notes were positive and some were bearish.

Three sell ratings that caught my eye are summarised below. Here’s why top brokers think investors ought to sell these shares next week:

AGL Energy Limited (ASX: AGL)

According to a note out of Credit Suisse, its analysts have retained their underperform rating and cut the price target on this energy company’s shares to $9.50. The broker made the move after AGL announced multi-billion asset impairments last week. A good portion of these were for onerous contracts relating primarily to legacy wind farm offtake agreements. The company also spoke very negatively about the outlook for wholesale electricity prices. The AGL share price ended the week at $11.39.

Commonwealth Bank of Australia (ASX: CBA)

A note out of Morgans reveals that its analysts have retained their reduce rating and lowly $64.00 price target on this banking giant’s shares. The broker believes that Commonwealth Bank’s shares are overvalued at the current level. In light of this, it expects them to underperform the other major banks. Especially when trading conditions return to relatively normal. It feels that CBA has benefited from the perception of it being the lowest risk bank. However, it suspects that investors will soon start to place less emphasis on risk profiles and pay more attention to valuations. The Commonwealth Bank share price last traded at $88.64.

Macquarie Group Ltd (ASX: MQG)

Analysts at Citi have downgraded this investment bank’s shares to a sell rating and cut the price target on them to $120.00. According to the note, the broker is a fan of the company and sees opportunities for long term growth. However, it suspects that the market is expecting too much from the company in the near term. Particularly given the headwinds it is facing from a stronger Australian dollar and low commodity price volatility. It also feels that potential tax increases in the US would be bad news for the bank. The Macquarie share price ended the week at $134.52.

Where to 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 are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of June 30th

More reading

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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

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!