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:
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BWP Trust (ASX: BWP)
According to a note out of UBS, its analysts have retained their sell rating and $3.86 price target on this Bunnings landlord's shares. This follows the release of a half year result earlier this week that was a little softer than it was expecting. In addition to this, it has issues with its valuation and believes the market isn't pricing in the risks it is facing. The BWP share price is currently fetching $4.11 on Thursday afternoon.
Platinum Asset Management Ltd (ASX: PTM)
A note out of Morgan Stanley reveals that its analysts have retained their underweight rating but lifted the price target on this fund manager's shares to $3.20. According to the note, the broker believes that Platinum's shares are overvalued considering the fund outflows it is experiencing. In December, the company experienced net outflows of approximately $149 million despite an improving performance. The Platinum share price is trading at $4.36.
Virgin Money UK CDI (ASX: VUK)
Analysts at Morgans have retained their reduce rating but lifted the price target on this UK based bank's shares to $2.36 following its first quarter update. According to the note, the broker was pleased to see the company report low impairment charges during the quarter and reaffirm its guidance for FY 2021. Nevertheless, Morgans holds firm with its reduce rating and sees more value in some of the Australian banks. The Virgin Money UK share price is trading at $2.69 this afternoon.
