On Monday I looked at three ASX shares have been given buy ratings by brokers this week.
Not all shares have been fortunate enough to have the coveted buy rating placed on them, though.
The three shares listed below have all been given sell ratings this week. Here's why:
Bank of Queensland Limited (ASX: BOQ)
According to a note out of UBS, its analysts have retained their sell rating and reduced the price target on this regional bank's shares to $9.00 following the release of a trading update on Monday which revealed expectations for a 10% drop in earnings. Unfortunately for shareholders, UBS believes the headwinds that have impacted Bank of Queensland in FY 2019 are unlikely to ease in the medium term. In light of this, the broker suspects that the bank may be forced to cuts its dividend by around ~10%.
Newcrest Mining Limited (ASX: NCM)
A note out of Morgans reveals that its analysts have retained their reduce rating and $22.21 price target on this gold miner's shares following its half year results last week. According to the note, the broker was pleased with the company's performance in the first half, particularly its Cadia operation which delivered an impressive production result. However, as good as it was, Newcrest's shares continue to trade a significant premium to its price target. As a result, Morgans has held firm with its reduce rating.
NIB Holdings Limited (ASX: NHF)
Analysts at Credit Suisse have downgraded this private health insurer's shares to an underperform rating from neutral and held firm with their $4.90 price target following Monday's half year results release. Although NIB delivered a result that came in ahead of the broker's expectations, the recent rally in its share price has led to the downgrade. Credit Suisse does not believe that NIB's outlook justifies the current price to earnings multiple that its shares trade on.
