Top brokers name 3 ASX shares to sell today

Brokers are bearish on these ASX shares…

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

On Wednesday, we looked at three ASX shares that brokers have given buy ratings to this week. Unfortunately, not all shares are in favour with brokers right now.

Three ASX shares that have just been given sell ratings by brokers are listed below. Here's why they are bearish on them:

Air New Zealand Limited (ASX: AIZ)

According to a note out of Macquarie, its analysts have retained their underperform rating but lifted their price target on this airline operator's shares slightly to NZ$1.15 (~A$1.08). This follows news that New Zealand is opening its borders sooner than previously expected. While Macquarie acknowledges that this is a positive, it appears to believe it may be too soon to get excited. The broker expects it to take a bit of time before capacity rebounds and travel is booming again. The Air New Zealand share price is trading at $1.37 today.

Insurance Australia Group Ltd (ASX: IAG)

A note out of Morgan Stanley reveals that its analysts have retained their underweight rating and $3.90 price target on this insurance giant's shares. Following the floods, the broker has concerns that IAG is at risk of elevated catastrophe budget increases in FY 2023. It suspects that this could further increase the cost of capital for the insurer. The IAG share price is fetching $4.58 on Thursday afternoon.

Seven West Media Ltd (ASX: SWM)

Analysts at Goldman Sachs have downgraded this media company's shares to a sell rating with a 60 cents price target. According to the note, the broker made the move on valuation grounds and due to its belief that Seven West Media will fall short of the market's earnings estimate in FY 2023 and FY 2024. It also sees less long term opportunities to offset total TV revenue declines than peers. The Seven West Media share price is trading at 63 cents on Thursday.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended Insurance Australia Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Broker Notes

Contented looking man leans back in his chair at his desk and smiles.
Broker Notes

Top brokers name 3 ASX shares to buy next week

Brokers gave buy ratings to these ASX shares last week. Why are they bullish?

Read more »

a mine worker holds his phone in one hand and a tablet in the other as he stands in front of heavy machinery at a mine site.
Resources Shares

Goldman Sachs says this ASX 200 mining share is in for a 33% whack

The top broker predicts a fairly miserable 12 months ahead for this diversified miner.

Read more »

Broker looking at the share price on her laptop with green and red points in the background.
Broker Notes

Brokers name 3 ASX shares to buy now

Here's why brokers are feeling bullish about these three shares this week.

Read more »

a man in a hard hat and high visibility vest smiles as he stands in the foreground of heavy mining equipment on a mine site.
Broker Notes

Up 15% in 13 days, is it too late to buy South32 shares?

South32 shares have risen 1%-plus per day for the past 13 trading days. Have investors missed the boat?

Read more »

Group of miners working at a coal mine with one smiling and holding up a piece of coal.
Broker Notes

Buy one, sell the other: Goldman's verdict on these 2 ASX coal shares

The top broker predicts a 50% price gain over 12 months for one coal share whilst the other is set…

Read more »

Female miner in hard hat and safety vest on laptop with mining drill in background.
Broker Notes

ASX expert: Buy Lynas shares now

Top broker Goldman Sachs has this ASX rare earths share on its conviction list.

Read more »

A businessman looking at his digital tablet or strategy planning in hotel conference lobby. He is happy at achieving financial goals.
Broker Notes

Top brokers name 3 ASX shares to buy today

Here's what brokers are recommending as buys this week.

Read more »

Smiling couple looking at a phone at a bargain opportunity.
Broker Notes

Buy this ASX 300 stock for a 28% gain and 7% dividend yield

Analysts see big returns on offer from this popular stock.

Read more »