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:
Australia and New Zealand Banking Group (ASX: ANZ)
According to a note out of Credit Suisse, its analysts have downgraded this banking giant's shares to an underperform rating from neutral and trimmed the price target on them to $25.55 following the release of its interim results. As well as falling short of Credit Suisse's expectations, the broker appears concerned by a number of headwinds that ANZ faces including margin decline, low asset growth, and regulatory uncertainty. The ANZ share price is trading 2.5% lower at $27.24 on Thursday.
Beach Energy Ltd (ASX: BPT)
A note out of Citi reveals that its analysts have downgraded this energy producer's shares to a sell rating from neutral and trimmed the price target on them to $1.80. According to the note, the broker believes its shares have run too hard and now could be a good time to consider taking profit off the table. Its analysts believe the oil price would need to be trading at US$70 a barrel over the long-term to justify its current share price, whereas it appears to believe US$55 a barrel is more realistic. The Beach Energy share price is down over 2% to $2.11 today.
Domain Holdings Australia Ltd (ASX: DHG)
Analysts at Morgans have downgraded this property listings company's shares to a reduce rating and cut the price target on them to $2.19 following its disappointing update at the Macquarie Australia Conference this week. Domain revealed that total revenue was down around 6% in the third quarter because of a 13% decline in residential sale listings. This was below the broker's expectations. Unfortunately, things don't look likely to get better in the near term, with Morgans' analysts suggesting that Domain's short term growth will be challenging. Domain's shares are up 0.5% to $2.85 today.
