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:
Nanosonics Ltd (ASX: NAN)
According to a note out of Citi, its analysts have retained their sell rating and cut the price target on this infection control specialist's shares to $4.30. Although Nanosonics had a solid third quarter, the broker remains concerned with its near term prospects due to the coronavirus pandemic. It expects limited hospital access and budget constraints to weigh on its performance. In addition to this, demand for its consumables could soften while fewer ultrasounds are being performed. The Nanosonics share price is trading at $6.19 on Thursday.
Platinum Asset Management Ltd (ASX: PTM)
Analysts at Credit Suisse have retained their underperform rating and $2.65 price target on this fund manager's shares. This follows the release of Platinum's latest funds under management update. That update revealed a further acceleration in fund outflows during the month of March. Unfortunately, Credit Suisse believes there will be more of the same in the months ahead due to the relatively soft performance of its international funds. The Platinum share price is changing hands at $3.32 this afternoon.
Treasury Wine Estates Ltd (ASX: TWE)
A note out of the Macquarie equities desk reveals that its analysts have downgraded this wine company's shares to an underperform rating with a lowered price target of $9.50. This follows an announcement by Treasury Wine which revealed plans to spin off its Penfolds business. Macquarie doesn't appear convinced by the plan and expects it to lead to negative cost synergies and higher debt costs. The Treasury Wine share price is trading down at $10.52 this afternoon.
