Top brokers name 3 ASX shares to sell today

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

On Thursday, we looked at three ASX shares that brokers have given buy ratings to this week. Unfortunately, not all shares are in favour with brokers right now.

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


According to a note out of UBS, its analysts have retained their sell rating and 90 cents price target on this financial services company’s shares. While AMP’s latest update was largely in line with the broker’s expectations, it isn’t enough for a change of rating. UBS continues to have concerns over a structural deterioration in the company’s core wealth business. In light of this, it feels its shares are expensive at the current level. The AMP share price is trading at $1.18 on Friday afternoon.

Commonwealth Bank of Australia (ASX: CBA)

A note out of Citi reveals that its analysts have retained their sell rating and $90.75 price target on this banking giant’s shares. Citi notes that CBA is scheduled to release its quarterly update next week. Its analysts are expecting the bank to report a quarterly profit of $2.2 billion, which will be a 10% decline versus the first-half average. In light of this performance, it doesn’t see value in the bank’s shares at the current level and holds firm with its sell rating. The CBA share price is fetching $102.33 today.

JB Hi-Fi Limited (ASX: JBH)

Analysts at Goldman Sachs have retained their sell rating and lifted their price target on this retailer’s shares slightly to $39.20. This follows the release of a third-quarter update which revealed strong sales growth. However, Goldman Sachs doesn’t expect this strong growth to continue. It feels the “perfect storm” of positive drivers for the company will reverse in FY 2023. The JB Hi-Fi share price is trading at $48.69 on Friday.

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

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More reading

AMP share price rebounds as Woolworths ends $4b superannuation contract
How is the AMP share price looking in May?
ASX 200 midday update: ANZ higher on results, Flight Centre and JB Hi-Fi sink following updates
What’s the outlook for the CBA share price in May?
Why ASX 200 bank shares are in the spotlight

Citigroup is an advertising partner of The Ascent, a Motley Fool company. 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 has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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