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:
Cochlear Limited (ASX: COH)
Analysts at Goldman Sachs have retained their sell rating but lifted their price target on this hearing solutions company's shares to $189.00. According to the note, the broker was pleased with its half year results but doesn't see value in its shares at this level. It estimates that Cochlear will grow its earnings by a compound annual growth rate of 8% between FY 2022 and FY 2025. Goldman doesn't believe this level of growth supports the multiples its shares currently trade on. The Cochlear share price is fetching $217.36 today.
Syrah Resources Ltd (ASX: SYR)
According to a note out of Morgan Stanley, its analysts have retained their underweight rating and 60 cents price target on this graphite producer's shares. This follows an announcement that Syrah plans to restart its Balama operation and have it operational within the next two to three months. This is broadly in line with what Morgan Stanley had been expecting. Therefore, no changes have been made to its recommendation. The Syrah share price is trading notably higher than this price target at $1.23.
WiseTech Global Ltd (ASX: WTC)
Analysts at Citi have retained their sell rating and $27.70 price target on this logistic solutions company's shares ahead of its half year results. While the broker believes WiseTech Global is on track to achieve its full year guidance, it has concerns over its valuation. It feels that the market isn't taking into account integration risks relating to its numerous acquisitions. Citi fears that they could take longer to integrate or not deliver the expected returns. The WiseTech Global share price is fetching $29.55 today.
