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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Commonwealth Bank of Australia (ASX: CBA)
According to a note out of Citi, its analysts have retained their sell rating and $90.75 price target on this banking giant's shares. Citi has been looking at the banking sector and highlights that Australian banks have significantly outperformed their global peers since Russia invaded Ukraine. However, it isn't confident this will continue given the lack of revenue growth on offer in the sector. In light of this, it holds firm with its sell rating on Australia's largest bank. The CBA share price is trading at $106.58 on Tuesday afternoon.
Elders Ltd (ASX: ELD)
A note out of Wilsons reveals that its analysts have retained their underweight rating but lifted their price target on this agribusiness company's shares to $10.55. While Wilsons has been pleased with Elders performance and notes that it continues to benefit from structural growth drivers, it isn't enough for a change of rating. Due to its valuation and potential cyclical headwinds which could impact its growth, the broker retains its underweight rating. The Elders share price is fetching $13.49 this afternoon.
Spark New Zealand Ltd (ASX: SPK)
Analysts at Goldman Sachs have retained their sell rating and $4.25 price target on this telco's shares. According to the note, Goldman acknowledges that Spark is executing well. However, this is being offset by the company debt-funding its dividend and facing uncertain competitive threats from the proposed Orcon/2Deg merger. The Spark share price is trading at $4.46 today.
