Top brokers name 3 ASX shares to sell next week

Brokers aren’t feeling very positive about these shares…

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Once again, a large number of broker notes hit the wires last week. Some of these notes were positive and some were bearish.

Three sell ratings that investors might want to hear about are summarised below. Here’s why top brokers think investors ought to sell these shares next week:

AMP Ltd (ASX: AMP)

According to a note out of UBS, its analysts have retained their sell rating and trimmed their price target on this financial services company’s shares to 90 cents. UBS made the move to reflect AMP’s demerger plans. The broker isn’t positive on PrivateMarketsCo’s outlook, nor that of the core AMP business, and doesn’t believe the demerger will unlock near-term value for shareholders. The AMP share price ended the week at 94.5 cents.

Fortescue Metals Group Limited (ASX: FMG)

A note out of Morgan Stanley reveals that its analysts have retained their underweight rating and $11.95 price target on this iron ore miner’s shares. Although the broker acknowledges that Vale’s softer production outlook is a positive for the iron ore market and particularly the low grade side, it isn’t enough for a change of rating just yet. It continues to recommend investors stay away from low grade iron ore producers. The Fortescue share price was fetching $17.10 at the end of the week.

Woolworths Group Ltd (ASX: WOW)

Analysts at Credit Suisse have retained their underperform rating and $31.84 price target on this retail conglomerate’s shares. The follows news that the company is aiming to acquire pharmacy chain operator Australian Pharmaceutical Industries (ASX: API). Credit Suisse has a few concerns over the plan and highlights that Woolworths hasn’t the strongest record when it comes to portfolio expansion. The Woolworths share price was trading at $39.59 on Friday.

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