On Wednesday I looked at three ASX shares that brokers have given buy ratings to this week. Unfortunately, not all shares are in favour with them right now.
Three that have just been given sell ratings are listed below. Here’s why these brokers are bearish on them:
ASX Ltd (ASX: ASX)
According to a note out of Deutsche Bank, its analysts have retained their sell rating and $59.70 price target on the Australian stock exchange operator following the release of its March update. Although ASX reported a strong month with record derivatives and an increase in cash market trades, the broker notes that capital raisings were much slower due to volatile markets and the upcoming election. Overall, Deutsche believes its shares are overvalued at current levels. The ASX share price is trading at $71.12 today.
Blackmores Limited (ASX: BKL)
Analysts at Citi have retained their sell rating and $89.50 price target on this health supplements company’s shares. According to the note, the broker expects Blackmores to report a disappointing quarterly result later this month. Citi suspects that excess inventory in Chinese channels, weaker consumer sentiment, and the shift away from daigou sellers will have led to fewer orders during the quarter. And although its shares have pulled back this year, its analysts intend to wait for improvements in China before considering a change to their recommendation. The Blackmores share price is trading at $94.37 this afternoon.
Bank of Queensland Limited (ASX: BOQ)
A note out of Goldman Sachs reveals that its analysts have held firm with their sell rating and $9.31 price target on the regional bank’s shares ahead of its results release next week. According to the note, the broker expected Bank of Queensland to post an 8% decline in half year cash earnings to $168 million and declare an interim dividend of 34 cents per share. The latter will be down 10.5% from the prior corresponding period. Given its poor performance, Goldman sees more value in some of the big four banks. Bank of Queensland’s shares are currently changing hands at $9.48.
Whilst those may be the shares to sell, here are the shares that have recently been rated as buys.
For many, blue chip stocks mean stability, profitability and regular dividends, often fully franked...
But knowing which blue chips to buy, and when, can be fraught with danger.
The Motley Fool’s in-house analyst team has poured over thousands of hours worth of proprietary research to bring you the names of "The Motley Fool’s Top 3 Blue Chip Stocks for 2019."
Each one pays a fully franked dividend. The names of these Top 3 ASX Blue Chips are included in this specially prepared free report. But you will have to hurry. Depending on demand – and how quickly the share prices of these companies move – we may be forced to remove this report.
Click here to claim your free report.
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Blackmores Limited. The Motley Fool Australia owns shares of ASX Limited. 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.