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:
Alumina Limited (ASX: AWC)
A note out of the Macquarie equities desk reveals that its analysts have retained their underperform rating and cut the price target on this alumina company's shares to $1.50. According to the note, the broker has become even more bearish on the company after reviewing its commodity forecasts and downgrading its alumina estimates through to 2020. It expects weaker prices to weigh heavily on Alumina's profits. The Alumina share price is up slightly to $2.38 on Thursday afternoon.
Qube Holdings Ltd (ASX: QUB)
According to a note out of Credit Suisse, it has retained its underperform rating but lifted the price target on this import and export logistics services provider's shares to $2.80 following its Moorebank Logistics Park update. Whilst it appears pleased with the increasing demand for warehouse space, it notes that the company's capital expenditures will be higher than expected. Overall, Credit Suisse retains its negative view largely due to weaker economic activity and a softer outlook for agricultural volumes. The Qube share price is down 0.5% to $3.15 today.
Treasury Wine Estates Ltd (ASX: TWE)
Analysts at Goldman Sachs have retained their sell rating and $14.10 price target on this wine company's shares following its investor day event. According to the note, the broker continues to believe that the company will fall short of its 15-20% EBITS growth guidance in FY 2020. This is due partly to its expectation for a softer performance in the U.S. market which the broker recently noted had been backed up by weak scan data. The Treasury Wine share price is up almost 2% to $18.33 today.
