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:
Platinum Asset Management Ltd (ASX: PTM)
According to a note out of Credit Suisse, its analysts have retained their underperform rating but lifted the price target on this fund manager's shares to $3.15. This follows the release of its funds under management update for June, which came in a little ahead of the broker's expectations. Nevertheless, with its overall performance largely underwhelming, it believes there are risks of further fund outflows in the future. The Platinum share price is changing hands at $3.94 this afternoon.
Vicinity Centres (ASX: VCX)
A note out of Morgan Stanley reveals that its analysts have retained their underweight rating and reduced the price target on this shopping centre operator's shares to $1.28. The broker appears to believe that Vicinity's earnings have peaked and rental income will fall heavily because of lower occupancy rates. In addition to this, given how its shopping centres are not as dominant as others, it feels it is more exposed to the tough trading conditions. The Vicinity share price is trading at $1.36 today.
Zip Co Ltd (ASX: Z1P)
Analysts at UBS have downgraded this payments company's shares to a sell rating with an improved price target of $5.70. This follows the release of Zip's full year update earlier this week. According to the note, the broker was pleased with the company's sales growth during FY 2020. Though, it notes that its bad debts have started to rise. In light of this and its strong share price rally over the last few weeks, the broker doesn't see a sufficient risk/reward on offer with its shares and has downgraded them. The Zip share price has fallen 9.5% lower to $5.94 this afternoon.
