Once again, a large number of broker notes hit the wires last week. Some of these notes were positive and some were bearish.
Three sell ratings that caught my eye are summarised below. Here's why top brokers think investors ought to sell these shares next week:
Platinum Asset Management Ltd (ASX: PTM)
According to a note out of Goldman Sachs, its analysts have retained their sell rating and $2.80 price target on this fund manager's shares. The broker notes that Platinum experienced further funds outflows during the month of March. And while it sees some positives from the relative performance of its two major funds over the last couple of months, the trends are still softer than it was expecting. As a result, Platinum remains Goldman's least preferred asset managers in its coverage. The Platinum share price last traded at $3.42.
Rio Tinto Limited (ASX: RIO)
Analysts at Credit Suisse have retained their underperform rating and cut the price target on this mining giant's shares to $89.00. According to the note, the broker believes that Rio Tinto's shares are fully valued at the current level. In addition to this, it has concerns about the state of Chinese steel demand and suspects that the iron ore market could become oversupplied in the not so distant future. The Rio Tinto share price ended the week at $89.39.
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 and cut the price target on them to $9.50. The broker made the move following an announcement 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 was trading at $10.63 at the end of the week.
