Leading brokers name 3 ASX shares to sell today

On Monday I looked at three shares that have found favour with brokers this week and been given buy ratings by them.

Not all shares are in favour with brokers right now, though. Three shares that have been given sell ratings this week are listed below. Here’s why brokers have bearish on them:

Mayne Pharma Group Ltd (ASX: MYX)

According to a note out of the Macquarie equities desk, it has started coverage on this pharmaceutical company with an underperform rating and $1.05 price target on its shares. While the broker believes that Mayne Pharma has long-term growth opportunities, it believes in the short term there are downside risks due to its generic drugs business. Next week Mayne Pharma will hold its annual general meeting and is likely to provide the market with a trading update.

Medibank Private Ltd (ASX: MPL)

A note out of Goldman Sachs reveals that its analysts have retained their sell rating and cut the price target on the private health insurer’s shares to $2.48 after it announced a surprise contract loss on Monday. Medibank Private announced that it has lost the Garrison Health Services contract which contributed $30 million to its operating profit in FY 2018. Goldman believes this unexpected contract loss adds to earnings headwinds and further reduces its already limited earnings diversification.

Myer Holdings Ltd (ASX: MYR)

Analysts at Deutsche Bank have retained their sell rating and 36 cents price target on this department store operator’s shares following its unplanned sales update on Friday. That update revealed that first quarter sales fell 4.8% on the prior corresponding period. Same store sales were down 4.3% and online sales grew just 3.6%. The broker appears disappointed with Myer’s performance so far in FY 2019 and sees no reason to change its rating any time soon.

While those may the shares to sell, these shares are the ones that have been tipped as buys in 2019.

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