Top brokers name 3 ASX shares to sell next week

Brokers aren’t feeling overly positive on these shares…

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Once again, a large number of broker notes hit the wires last week. Some of these notes were positive and some were bearish.

Three sell ratings that investors might want to hear about are summarised below. Here’s why top brokers think investors ought to sell these shares next week:

JB Hi-Fi Limited (ASX: JBH)

According to a note out of Goldman Sachs, its analysts have reiterated their sell rating and $39.20 price target on this retailer’s shares. The broker believes that JB Hi-Fi will fall short of the market’s expectations in FY 2023. This is due to softening discretionary goods spending and increasing competition from online pureplays including Amazon. The JB Hi-Fi share price was trading at $48.53 on Friday.

Macquarie Group Ltd (ASX: MQG)

A note out of Credit Suisse reveals that its analysts have downgraded this investment bank’s shares to an underperform rating and trimmed their price target on them to $150.00. This follows the release of a full-year result that fell short of Credit Suisse’s expectations. And with the broker believing that Macquarie’s earnings have peaked, it feels now could be the time to sell. The Macquarie share price was fetching $183.11 at Friday’s close.

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. As with JB Hi-FI, Goldman expects Wesfarmers to be impacted from softening consumer demand. This is being driven by broad-based inflation and higher housing costs. In addition, its analysts expect a decline in housing transaction volumes to negatively impact household goods consumption. The Wesfarmers share price ended the week at $49.97.

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 has positions in and has recommended Wesfarmers Limited. The Motley Fool Australia has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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