Yesterday 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:
Ansell Limited (ASX: ANN)
According to a note out of Macquarie, its analysts have downgraded this health and safety solutions company's shares to an underperform rating with a $32.00 price target. The broker made the move on the belief that demand for PPE is softening. Unlike in FY 2021 when demand was very strong, Macquarie feels this will make it hard to lift prices to offset increasing costs. As a result, its analysts suspect that Ansell could fall short of the market's earnings estimates in FY 2022. The Ansell share price is trading at $32.26 today.
Commonwealth Bank of Australia (ASX: CBA)
A note out of Morgan Stanley reveals that its analysts have retained their underweight rating and $90.00 price target on this banking giant's shares. The broker notes that CBA's total loan book has significant exposure to the housing market. In light of this, it has concerns that recent changes by APRA could lead to lower housing loan approvals and hit the bank's revenue and earnings. The CBA share price is fetching $103.34 today.
Platinum Asset Management Ltd (ASX: PTM)
Analysts at Credit Suisse have retained their underperform rating and cut the price target on this fund manager's shares to $3.20. This follows the release of Platinum's latest funds under management update which revealed another sizeable outflow. Unfortunately, Credit Suisse believes this trend could continue for some time. It fears this could weigh on its earnings in the near term. The Platinum share price is trading at $3.27 on Wednesday afternoon.
