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:
Insurance Australia Group Ltd (ASX: IAG)
According to a note of Morgan Stanley, its analysts have retained their underweight rating and $3.80 price target on this insurance giant's shares. The broker notes that open banking is moving onto open finance and will include general insurance. Morgan Stanley sees risks from this as it will give consumers better opportunities to compare policies. The IAG share price is trading at $4.26 on Tuesday.
Regis Resources Limited (ASX: RRL)
A note out of Goldman Sachs reveals that its analysts have retained their sell rating and cut their price target on this gold miner's shares to $1.90. While Goldman acknowledges that there is some implied upside to its price target, it is holding firm with its sell rating. This is due to Regis Resources' shares trading on a higher NAV valuation than peers, McPhillamys approvals and execution risks, and its out of the money hedge book. The Regis Resources share price is fetching $1.73 today.
Scentre Group (ASX: SCG)
Analysts at Macquarie have retained their underperform rating but lifted their price target on this shopping centre property company's shares to $2.82. Macquarie has been running the rule over the property sector and has concerns over the outlook for retail and residential property. In addition, it believes current consumer spending habits could also weigh on Scentre's performance. The Scentre share price is trading at $2.88 this afternoon.
