Yesterday we 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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Cochlear Limited (ASX: COH)
According to a note out of Morgan Stanley, its analysts have retained their underweight rating and cut their price target on this hearing solutions company's shares to $180.00. The broker has been looking at the healthcare sector and suggests investors avoid Cochlear due to the multiples its shares trade on. It believes investors should focus on better value options in the sector. The Cochlear share price was trading at $200.83 on Tuesday.
OZ Minerals Limited (ASX: OZL)
A note out of Credit Suisse reveals that its analysts have retained their underperform rating but lifted their price target on this copper miner's shares to $22.80. The broker has increased its earnings estimates for OZ Minerals to reflect stronger near term copper prices. However, it isn't enough for a change of rating. Credit Suisse believes the company's shares are expensive in comparison to global peers. The OZ Minerals share price was fetching $28.39 this afternoon.
Wesfarmers Ltd (ASX: WES)
Analysts at Citi have retained their sell rating and $50.00 price target on this conglomerate's shares. This follows the release of a trading update from the conglomerate which revealed a first half performance that was in line with consensus estimates. Citi highlights that industry feedback indicates that consumer spending hasn't been strong since late December, which could weigh on its short term performance. And while this is only expected to be temporary, it expects increased COVID costs to stick around for longer. The Wesfarmers share price was trading at $55.18 on Tuesday.
