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:
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Evolution Mining Ltd (ASX: EVN)
According to a note out of Morgan Stanley, its analysts have retained their underweight rating and $5.00 price target on this gold miner's shares. This follows the release of Evolution's quarterly update. Although the company's production was in line with expectations and its costs were better than predicted, it isn't enough for a change of rating. It continues to believe its shares are overvalued at the current level. The Evolution share price is trading at $6.13 this afternoon.
Pilbara Minerals Ltd (ASX: PLS)
Analysts at Citi have retained their sell rating and 32 cents per share price target on this lithium miner's shares. Citi notes that Pilbara Minerals delivered shipments in line with its expectations in the September quarter. It also sees the company's Pilgangoora mine as a key part of the lithium supply chain. However, until it sees a sustained improvement in lithium prices, it will be holding firm with its sell rating. The Pilbara Minerals share price is changing hands for 36 cents on Tuesday.
Platinum Asset Management Ltd (ASX: PTM)
A note out of Goldman Sachs reveals that its analysts have retained their sell rating and $3.45 price target on this fund manager's shares. This follows the release of Platinum's latest funds under management update. This update was a bit of a mixed bag for Goldman. It notes that its fund outflows were worse than expected, but its investment returns were ahead of its forecasts. While the latter is a positive, it isn't enough for a change of rating just yet. The Platinum share price is trading below this price target at $3.26 today.
