Yesterday we looked at three ASX shares brokers have given buy ratings to this week.
Unfortunately, not all shares are in favour with brokers 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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JB Hi-Fi Limited (ASX: JBH)
According to a note out of Goldman Sachs, its analysts have retained their sell rating and $39.20 price target on this retail giant's shares. This follows a review of the retail sector in light of supply chain concerns due to lockdowns in China. Goldman isn't concerned about supply, noting that most discretionary goods categories are well stocked, potentially even over-stocked. It is, however, concerned with softening demand and increasing competition. The broker points out that a number of core brands are now signing with Amazon Australia. The JB Hi-Fi share price is trading at $47.94 on Tuesday.
Macquarie Group Ltd (ASX: MQG)
A note out of Credit Suisse reveals that that its analysts have downgraded this investment bank's shares to an underperform rating and cut the price target on them to $150.00. Credit Suisse notes that Macquarie's full-year results fell short of its expectations. And with the broker believing that the company's earnings have peaked and that it was a big winner from low rates, it feels now is the time to sell. The Macquarie share price is fetching $179.15 today.
Wesfarmers Ltd (ASX: WES)
Another note out of Goldman Sachs reveals that its analysts have retained their sell rating and $38.60 price target on this conglomerate's shares. Goldman expects Wesfarmers to be impacted from softening consumer demand due to broad-based inflation and higher housing costs. In addition, its analysts expect a decline in housing transaction volumes to dent household goods consumption. The Wesfarmers share price is trading at $48.80 this afternoon.
