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:
Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)
According to a note out of UBS, its analysts have retained their sell rating but lifted the price target on this medical device company's shares to NZ$13.85 (A$12.89). The broker lifted its price target in response to yesterday's profit upgrade following the earlier than expected release of its new F&P Vitera mark in the United States. However, it still feels that its shares are vastly overvalued and retains its sell rating. The Fisher & Paykel Healthcare share price is up 3% to $17.58 on Tuesday.
National Storage REIT (ASX: NSR)
Analysts at Goldman Sachs have initiated coverage on this self-storage real estate investment trust with a sell rating and $1.51 price target. According to the note, the broker believes that macroeconomic conditions are unfavourable and could weigh on its growth. Goldman notes that housing turnover is a key driver of demand for its services and that this remains weak despite the recent rebound in the property market. The National Storage share price is trading 1.5% lower on Tuesday afternoon at $1.80.
Pilbara Minerals Ltd (ASX: PLS)
A note out of Ord Minnett reveals that its analysts have downgraded this lithium miner's shares to a sell rating and slashed the price target on them to 25 cents. According to the note, the broker expects conditions to remain very tough in the lithium sector for the next 12 months. Especially given signs that global economic growth is slowing. The Pilbara Minerals share price is trading just over 2% higher on Tuesday at 33 cents.
