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 they are bearish on them:
Coca-Cola Amatil Ltd (ASX: CCL)
According to a note out of Credit Suisse, its analysts have retained their underperform rating and $8.90 price target on this beverage company's shares. The broker has held firm with its bearish stance after its research showed that Australian beverage volumes remain subdued and competition is still strong. In light of this, it doesn't believe the local segment will deliver growth this year. The Coca-Cola Amatil share price is up 1% to $10.38 on Tuesday.
Commonwealth Bank of Australia (ASX: CBA)
Analysts at Citi have downgraded this banking giant's shares to a sell rating from neutral, but lifted the price target on them to $73.25. According to the note, the broker believes that trading conditions are challenging for the bank at the moment amid the falling cash rate. And while it does see some opportunities to offset this, its valuation remains a problem after its strong share price gain in 2019. Citi believes its shares are fully priced and better value can be found elsewhere. CBA's shares are down over 0.5% to $80.70 today.
Suncorp Group Ltd (ASX: SUN)
A note out of the Macquarie equities desk reveals that its analysts have retained their underperform rating and $12.80 price target on this insurance and banking giant's shares. According to the note, the broker continues to believe that Suncorp will be unable to achieve its cash return targets and will be forced to reduce its guidance for FY 2020. This is likely to weigh on its shares for the time being. Suncorp's shares are trading flat at $13.41 today.
