On Wednesday 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 ASX shares that have just been given sell ratings by brokers are listed below. Here's why these brokers are bearish on them:
Computershare Limited (ASX: CPU)
According to a note out of Citi, its analysts have retained their sell rating but lifted their price target on this share registry company's shares to $15.80. This follows the release of Computershare's annual general meeting update, which saw the company reaffirm its earnings per share growth guidance of 2%. Citi suspects the market may have been hoping for an upgrade. Outside this, the broker remains bearish and sees little to drive its shares higher in the near term. The Computershare share price is trading at $19.31 today.
Platinum Asset Management Ltd (ASX: PTM)
A note out of UBS reveals that its analysts have commenced coverage on this fund manager's shares with a sell rating and $2.25 price target. The broker hasn't been impressed with Platinum's performance and notes that its funds under management have been stagnating. UBS also fears a recovery could be hindered by its uncompetitive fees. The Platinum share price is fetching $2.91 on Thursday afternoon.
Wesfarmers Ltd (ASX: WES)
Analysts at Citi have retained their sell rating but lifted their price target on this conglomerate's shares to $50.00. This follows news that the company has signed an agreement to acquire Australian Pharmaceutical Industries Ltd (ASX: API). While the broker believes the deal will be a small boost to its earnings, it isn't enough for a change of rating. Citi continues to believe that Wesfarmers' shares are overvalued at the current level. The Wesfarmers share price is trading at $58.86 on Thursday.
