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:
Domain Holdings Australia Ltd (ASX: DHG)
According to a note out of Credit Suisse, its analysts have retained their underperform rating and $2.30 price target on this property listings company's shares. The broker has held firm with its rating after industry data revealed that new listings were down strongly in the key Sydney and Melbourne markets during the second half of FY 2019. This appears to have ruled out any short term recovery in listings volumes. The Domain share price is down 2.5% to $2.80 on Tuesday.
Northern Star Resources Ltd (ASX: NST)
Another note out of Credit Suisse reveals that its analysts have held firm with their underperform rating and $6.30 price target on this gold miner's shares. According to the note, the broker continues to believe that Northern Star's shares are overvalued following a strong rise in 2019. Last week the broker revealed that it was disappointed with the gold miner's reserves and its weaker than expected guidance for FY 2020. The company's shares are up 1.5% to $12.59 on Tuesday after the gold price hit a six-year high.
Platinum Asset Management Ltd (ASX: PTM)
A note out of Morgan Stanley reveals that its analysts have retained their underweight rating and lifted the price target on this asset manger's shares slightly to $3.50. According to the note, the broker feels that Platinum's shares are too expensive at the current level, especially with fund outflows expected to accelerate. And while the broker notes that management is focusing on a turnaround, it doesn't believe this will be a quick fix. Platinum's shares are down over 2% to $4.40 this afternoon.
