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 shares that have just been given sell ratings by brokers are listed below.
Here's why these brokers are bearish on them:
OZ Minerals Limited (ASX: OZL)
According to a note out of Credit Suisse, its analysts have retained their underperform rating but lifted the price target on this copper producer's shares to $9.00. Although the broker notes that Oz Minerals had a strong second quarter and has lifted its estimates to reflect this, it isn't enough for a change of rating. Credit Suisse continues to believe its shares are overvalued. The OZ Minerals share price is trading at $13.81 this afternoon.
QBE Insurance Group Ltd (ASX: QBE)
A note out of the Macquarie equities desk reveals that its analysts have downgraded this insurance giant's shares to an underperform rating with an improved price target of $8.20. Macquarie has revised its earnings estimates lower to reflect QBE's latest update. In addition to this, it continues to believe that a sweeping review of its business is required to get it back on track. The QBE share price is up at $10.16 on Thursday.
Tyro Payments Ltd (ASX: TYR)
Another note out of the Macquarie equities desk reveals that its analysts have an underperform rating and $2.65 price target on this payments company's shares. According to the note, the broker believes Tyro's recovery is at risk from a second wave of coronavirus. Furthermore, it fears that a lot of its total transaction value may be coming from low margin channels. As a result, it has concerns that its full year results could disappoint. The Tyro share price is changing hands for $3.74 this afternoon.
