Top brokers name 3 ASX shares to sell

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

As many brokers are taking a well-earned break over the holiday period, broker notes are virtually non-existent at present.

In light of this, listed below are a few recent broker recommendations that remain relevant today. Here are three ASX shares rated as sells:

Fortescue Metals Group Limited (ASX: FMG)

According to a note out of Morgan Stanley, its analysts have retained their underweight rating and $14.05 price target on this iron ore miner’s shares. Although Morgan Stanley notes that Vale’s softer production outlook is a positive for the low grade iron ore market, it isn’t enough for a more positive rating. The broker continues to recommend investors stay away from low grade iron ore producers. The Fortescue share price is trading at $19.47 on Wednesday.

GrainCorp Ltd (ASX: GNC)

A note out of Bell Potter reveals that its analysts have downgraded this grain exporter’s shares to a sell rating with a $6.15 price target. While its analysts expect GrainCorp to benefit greatly in FY 2022 from two of the largest East coast crops and crop failures in the Northern hemisphere, it doesn’t expect this to last. So much so, Bell Potter is forecasting a ~50% decline in profits in FY 2023 when conditions normalise. In light of this, it feels is shares are overvalued at the current level. The GrainCorp share price is fetching $8.16 today.

Woolworths Group Ltd (ASX: WOW)

Analysts at Credit Suisse have retained their underperform rating and $31.84 price target on this retail giant’s shares. The follows news that the company is wanting to acquire pharmacy chain operator Australian Pharmaceutical Industries (ASX: API). Credit Suisse has a few concerns over the plan and notes that Woolworths doesn’t have the strongest record when it comes to portfolio expansion. The Woolworths share price is trading at $38.43 on Wednesday afternoon.

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

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More reading

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Top brokers name 3 ASX shares to sell next week

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What are experts saying to expect for ASX hydrogen shares in 2022?

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 Bruce Jackson.

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