With many analysts taking a well-earned break over the holiday period, broker notes are few and far between currently.
In light of this, listed below are a few recent broker recommendations that are still very relevant today. Here are three ASX shares rated as sells:
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 $1.00.
Commonwealth Bank of Australia (ASX: CBA)
A note out of Morgans reveals that its analysts have retained their reduce rating and $73.00 price target on this banking giant's shares following a review of the banking sector. While Morgans is positive on the sector, it continues to believe the CBA share price is overvalued at the current level and sees better value on offer with other banks. Morgans has previously stated its belief that the premium CBA's shares trade at to the other big banks is unjustifiably large. The CBA share price ended the week at $100.63
Magellan Financial Group Ltd (ASX: MFG)
Another note out of UBS reveals that its analysts have retained their sell rating and slashed their price target on this fund manager's shares to $17.00. This follows news that Magellan has lost its biggest client, St James Place. UBS suspects there could be more mandate terminations in the future, as well as further net fund outflows. The broker feels this will put pressure on fund fees. The Magellan share price was fetching $21.21 at Friday's close.
