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.
Our experts here at The Motley Fool Australia have just released a fantastic report, detailing 5 dirt cheap shares that you can buy in 2020.
One stock is an Australian internet darling with a rock solid reputation and an exciting new business line that promises years (or even decades) of growth… while trading at an ultra-low price…
Another is a diversified conglomerate trading over 40% off it's high, all while offering a fully franked dividend yield over 3%...
Plus 3 more cheap bets that could position you to profit over the next 12 months!
See for yourself now. Simply click here or the link below to scoop up your FREE copy and discover all 5 shares. But you will want to hurry – this free report is available for a brief time only.
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Nanosonics Limited and Treasury Wine Estates Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.