On Thursday, 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:
AMP Ltd (ASX: AMP)
According to a note out of UBS, its analysts have retained their sell rating and 90 cents price target on this financial services company's shares. While AMP's latest update was largely in line with the broker's expectations, it isn't enough for a change of rating. UBS continues to have concerns over a structural deterioration in the company's core wealth business. In light of this, it feels its shares are expensive at the current level. The AMP share price is trading at $1.18 on Friday afternoon.
Commonwealth Bank of Australia (ASX: CBA)
A note out of Citi reveals that its analysts have retained their sell rating and $90.75 price target on this banking giant's shares. Citi notes that CBA is scheduled to release its quarterly update next week. Its analysts are expecting the bank to report a quarterly profit of $2.2 billion, which will be a 10% decline versus the first-half average. In light of this performance, it doesn't see value in the bank's shares at the current level and holds firm with its sell rating. The CBA share price is fetching $102.33 today.
JB Hi-Fi Limited (ASX: JBH)
Analysts at Goldman Sachs have retained their sell rating and lifted their price target on this retailer's shares slightly to $39.20. This follows the release of a third-quarter update which revealed strong sales growth. However, Goldman Sachs doesn't expect this strong growth to continue. It feels the "perfect storm" of positive drivers for the company will reverse in FY 2023. The JB Hi-Fi share price is trading at $48.69 on Friday.
