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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Commonwealth Bank of Australia (ASX: CBA)
According to a note out of Morgan Stanley, its analysts have retained their underweight rating and lifted the price target on this banking giant's shares slightly to $79.00. This follows the release of its half year result earlier this week. While there were elements of the result that the broker liked, it wasn't enough for a change of rating. Morgan Stanley continues to see more value in other big four banks. The Commonwealth Bank share price is fetching $87.05 this afternoon.
Domino's Pizza Enterprises Ltd (ASX: DMP)
A note out of Credit Suisse reveals that its analysts have retained their underperform rating and increased the price target on this pizza chain operator's shares to $63.58 ahead of its half year results. The broker has lifted its forecasts to reflect new store openings and strong like for like sales. However, Credit Suisse continues to believe its shares are expensive at the current level and thus retains its underperform rating. The Domino's share price is trading at $96.04.
Macquarie Group Ltd (ASX: MQG)
Analysts at Citi have retained their sell rating but lifted their price target on this investment bank's shares to $125.00 following its third quarter update. According to the note, the broker was pleasantly surprised with Macquarie's performance during the quarter. While this was a positive, it believes the market is expecting too much from the company next year. Especially with the strong Australian dollar. The Macquarie share price is fetching $146.13 on Thursday afternoon.
