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Top brokers name 3 ASX shares to sell today

Top brokers have named Afterpay Ltd (ASX:APT) and these ASX shares as sells this week. Here’s why they are bearish…
The post Top brokers name 3 ASX shares to sell today appeared first on The Motley Fool Australia. –

stylised silhouette of a bear on financial graph background

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

Afterpay Ltd (ASX: APT)

According to a note out of UBS, its analysts have retained their sell rating and lowly $36.00 price target on this payments company’s shares. This follows the announcement of a new buy now pay later offering by Commonwealth Bank Australia (ASX: CBA). It notes that this service will not have additional fees for merchants. The broker believes this highlights the risk Afterpay faces from regulation for its no surcharge rules for merchants. The Afterpay share price is trading at $111.13 today.

Aurizon Holdings Ltd (ASX: AZJ)

Analysts at Goldman Sachs have retained their sell rating and $3.66 price target on this rail freight company’s shares. While the broker acknowledges that Aurizon has defensive earnings and a high dividend yield, it has concerns over the impact to valuations from the deterioration in the long term outlook for global coal demand. The Aurizon share price is fetching $3.87 on Thursday afternoon.

Fortescue Metals Group Limited (ASX: FMG)

A note out of Morgan Stanley reveals that its analysts have retained their underweight rating and $17.45 price target on this iron ore producer’s shares. According to the note, the broker fears that the recent curbing of production in China to combat pollution could bring the iron ore deficit to an end. It also suspects that the discount between low and high grade iron ore could begin to widen in the future, which would be bad news for the company. The Fortescue share price is trading at $20.36 this afternoon.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Aurizon Holdings 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 today appeared first on The Motley Fool Australia.

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