On Monday I looked at three ASX shares 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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Australia and New Zealand Banking GrpLtd (ASX: ANZ)
According to a note out of Citi, its analysts have retained their sell rating and $28.00 price target on this banking giant's shares. Although the broker acknowledges that ANZ has the largest exposure to the New Zealand market, it doesn't expect it to benefit as greatly from rising interest rates as the market may think. In light of this, it sees no reason to make any changes to its rating despite the RBNZ potentially increasing rates soon. The ANZ share price is fetching $27.62 today.
Cochlear Limited (ASX: COH)
Another note out of Citi reveals that its analysts have retained their sell rating and $220.00 price target on this hearing solutions company's shares. It notes that the University of Pittsburgh has sued Cochlear in the USA for alleged patent infringement. However, the broker doesn't believe the lawsuit will have a material impact. This is because Cochlear noted that its patents predate the university's patent by several years. However, it still doesn't see enough value in its shares at the current level to upgrade its rating. The Cochlear share price is trading at $220.53 today.
Synlait Milk Ltd (ASX: SM1)
Analysts at Macquarie have retained their underperform rating but lifted their price target on this dairy processor's shares to NZ$3.40 (A$3.27). This follows the release of a disappointing full year result earlier this week. The one positive from the result, though, was that Synlait's balance sheet was better than it expected. As a result, Macquarie has lifted its price target to reflect the lower balance sheet risk. However, the broker is expecting another tough year in FY 2022 and thus isn't in a rush to change its rating. The Synlait share price was fetching A$3.51 on Tuesday.
