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:
Cochlear Limited (ASX: COH)
According to a note out of UBS, its analysts have retained their sell rating but lifted the price target on this hearing solutions company's shares to $150.00. The broker believes that restrictions on elective surgeries globally will weigh on its performance in the near term. However, one positive is that it believes Cochlear is well capitalised to navigate the storm. Especially after increasing the size of its share purchase plan to $200 million. The Cochlear share price is trading at $184.87 on Thursday afternoon.
Northern Star Resources Ltd (ASX: NST)
Analysts at Morgan Stanley have retained their underweight rating and $11.15 price target on this gold miner's shares. According to the note, although the broker was expecting a soft quarter from Northern Star, its production still fell well short of its expectations. The broker also has concerns over elevated costs at the Kalgoorlie and Pogo operations. The Northern Star share price is down 3.5% to $12.52 this afternoon.
Redbubble Ltd (ASX: RBL)
A note out of Morgans reveals that its analysts have retained their reduce rating and lifted the price target on this ecommerce company's shares to 54 cents. Although the broker was reasonably pleased with Redbubble's performance in the third quarter, it has concerns over its near term prospects. It suspects Redbubble could struggle during a recession in the United States. The Redbubble share price is changing hands notably higher than this price target at 80 cents on Thursday afternoon.
