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 ASX 200 shares that have just been given sell ratings by brokers are listed below.
Here's why these brokers are bearish on them:
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Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)
According to a note out of UBS, its analysts have retained their sell rating but lifted their price target on this medical device company's shares to NZ$18.20 (A$17.09). While the broker acknowledges that Fisher & Paykel Healthcare will have been benefiting during the pandemic, it doesn't appear convinced it will be as much as its share price implies. In light of this, it has retained its sell rating, largely on valuation grounds. The Fisher & Paykel Healthcare share price is trading notably higher than this price target at $26.84 this afternoon.
InvoCare Limited (ASX: IVC)
A note out of the Macquarie equities desk reveals that its analysts have downgraded this funerals company's shares to an underperform rating and cut the price target on them to $10.20. Macquarie believes there is a risk of InvoCare falling short of expectations in FY 2020. It notes that its research is indicating that the company is losing market share. In addition to this, it suspects there will be lower deaths during the current flu season because of social distancing initiatives. The InvoCare share price is trading at $11.12 at the time of writing.
Regis Resources Limited (ASX: RRL)
Analysts at Ord Minnett have downgraded this gold miner's shares to a sell rating with a $4.10 price target. According to the note, the broker made the move on valuation grounds after a strong share price gain over the last three months. Prior to today, the Regis share price was up over 130% in the space of just three months thanks to a strong gold price. Regis' shares are currently changing hands for $5.08.
