Leading brokers name 3 ASX shares to sell today

Westpac Banking Corp (ASX:WBC) shares are one of three that brokers have named as sells this week. Here's why…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

On Monday I looked at three ASX shares that have been given buy ratings by leading brokers this week.

Unfortunately, not all shares are in favour with brokers right now. The three shares listed below have all just been given sell ratings. Here's why:

Nick Scali Limited (ASX: NCK)

According to a note out of Citi, its analysts have downgraded this furniture retailer's shares to a sell rating from neutral and cut the price target on them to $5.35. With a number of recent earnings downgrades being blamed on the housing market downturn, Citi suspects that Nick Scali could also be underperforming expectations. The Nick Scali share price is currently trading slightly lower at $5.77.

ResMed Inc. (ASX: RMD)

A note out of the Macquarie equities desk reveals that its analysts have retained their underperform rating and increased the price target on this sleep treatment-focused medical device company's shares to $14.25 following the release of its third quarter results. According to the note, ResMed outperform the broker's expectation in the third quarter. However, with its shares currently trading at a higher than normal premium to many of its of international medical device peers, the broker feels its shares are overvalued. The ResMed share price has edged lower to $15.98 this afternoon.

Westpac Banking Corp (ASX: WBC)

Analysts at Deutsche Bank have retained their sell rating and lowly $22.00 price target on this banking giant's shares following the release of its half year results. According to the note, the broker was disappointed with the performance of Westpac's consumer division and appears concerned with management's comments around credit quality being unlikely to improve. Westpac's shares are currently up 0.9% to $27.34, which means that Deutsche's price target implies almost 20% downside for its shares over the next 12 months excluding dividends.

Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia has recommended ResMed Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Market News

A happy young couple lie on a wooden deck using a skateboard for a pillow.
Share Gainers

These were the best-performing ASX 200 shares in March

These shares made their shareholders smile in March thanks to some very big gains.

Read more »

Businessman using a digital tablet with a graphical chart, symbolising the stock market.
Opinions

2 ASX shares I have been buying in 2024!

I’m a believer in the long-term outlook of these stocks.

Read more »

Stock market chart in green with a rising arrow symbolising a rising share price.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a massive day for the ASX 200, with a new all-time high recorded.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Technology Shares

This ASX tech stock rocketed 60% in March! Can it keep on delivering?

After soaring in March, the ASX tech stock is now up 169% since this time last year.

Read more »

Broker Notes

Brokers name 3 ASX shares to buy now

Here's why brokers are feeling bullish about these three shares this week.

Read more »

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Burgundy Diamond Mines, Clarity Pharmaceuticals, EML, and Zip are sinking today

These ASX shares are ending the week in the red. But why?

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Mesoblast, Newmont, Pilbara Minerals, and Platinum shares are jumping

These ASX shares are ending the week strongly. But why?

Read more »

a young boy dressed up in a business suit and tie has a cute grin and holds two fingers up.
Opinions

2 of my top ASX 200 shares to consider buying before April

I would happily exchange dollars for these two shares right now.

Read more »