On Monday 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 these ASX shares:
ASX Ltd (ASX: ASX)
According to a note out of Morgans, its analysts have retained their reduce rating and cut the price target on this stock exchange operator's shares to $74.82. This follows the release of its activity statement for August. Morgans felt that its update was weak, particularly in respect to futures. As a result, the broker has lowered its earnings estimates and its price target accordingly. The ASX share price is changing hands for $83.47 this afternoon.
Cochlear Limited (ASX: COH)
Analysts at Goldman Sachs have retained their sell rating and $190.04 price target on this hearing solutions company's shares. The broker has been looking into the medical technology industry this week. It notes that trading conditions are difficult in the hearing aid market due to the pandemic. This is because its target market (the over 65s) are most at risk from the current pandemic and likely to be holding off elective surgeries for implantable devices. This is expected to weigh on demand until the crisis passes. The Cochlear share price is trading at $191.75 on Tuesday.
Perseus Mining Limited (ASX: PRU)
A note out of the Macquarie equities desk reveals that its analysts have retained their underperform rating but lifted the price target on this gold miner's shares to $1.40. It increased its price target after Perseus suggested its first gold could be poured at Yaoure in December. However, it hasn't made a change to its underperform rating just yet on valuation grounds. This follows a very strong share price gain in 2020. The Perseus share price is now trading below this price target at $1.32.
