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Leading brokers name 3 ASX shares to sell today

laptop keyboard with red sell button
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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:

Bendigo and Adelaide Bank Ltd (ASX: BEN)

According to a note out of Goldman Sachs, its analysts have downgraded this regional bank’s shares to a sell rating but with an improved price target of $9.24. The broker made the move due to net interest margin risks and on valuation grounds. In light of this, it sees better value on offer elsewhere in the banking sector for investors. Goldman is also currently forecasting FY 2021 earnings that are notably lower than consensus estimates. The Bendigo and Adelaide Bank share price is trading at $9.66 on Tuesday.

Blackmores Limited (ASX: BKL)

Analysts at Citi have retained their sell rating and $60.60 price target on this health supplements company’s shares. According to the note, the broker’s research indicates that its rivals have been winning a greater share of the Chinese market. In addition to this, it sees difficulties from increased competition in the ANZ market and disruption in the daigou channel due to COVID-19. The Blackmores share price is trading at $72.03 this afternoon.

Pilbara Minerals Ltd (ASX: PLS)

A note out of Ord Minnett reveals that its analysts have retained their sell rating but lifted the price target on this lithium miner’s shares to 50 cents. According to the note, the broker has been looking into the resources sector and has lifted its price estimates for a number of commodities. And while the outlook for lithium is looking a lot more positive and Pilbara Minerals is performing well operationally, it believes the rise in its share price over the last three months has left its shares overvalued. The Pilbara Minerals share price is fetching $1.15 today.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Blackmores Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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