Knowing which ASX shares to avoid is just as important as knowing which ones to buy.
With that in mind, let's take a look at three popular ASX 200 shares that experts are tipping as sells, courtesy of The Bull. Here's what they are saying:
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Bank of Queensland Ltd (ASX: BOQ)
The team at Catapult Wealth thinks investors should be selling this regional bank's shares.
It doesn't believe that there is a good enough risk/reward on offer with Bank of Queensland and prefers the big four banks. It said:
Bank share prices have generally outperformed the broader Australian sharemarket so far this calendar year. However, the Bank of Queensland lacks the scale to match it with the major banks. Cash earnings after tax of $383 million in full year 2025 were up 12 per cent on the prior corresponding period. However, statutory net profit after tax of $133 million was down 53 per cent. Commercial lending growth was up 14 per cent, but home lending growth was down 7 per cent. We believe the bigger banks present a better risk/return even though valuations may appear over-inflated. BOQ shares have fallen from $8.02 on August 22 to trade at $6.365 on December 4.
Qantas Airways Ltd (ASX: QAN)
Over at Sanlam Private Wealth, it thinks that the this airline operator's shares are expensive and should be sold.
It notes that the Qantas share price could be vulnerable to any possible downgrades, stating:
The share price has run ahead of fundamentals, making it vulnerable to any possible downgrades, in our view. We believe the outlook for earnings growth is modest compared to the recent past. Fleet renewal plans and sustainability investments require substantial capital, which could potentially mute shareholder returns moving forward. The shares have risen from $8.02 on April 9 to trade at $9.74 on December 4, so investors may want to consider cashing in some gains.
QBE Insurance Group Ltd (ASX: QBE)
Finally, Family Financial Solutions thinks that investors should be selling insurance giant QBE's shares.
It has concerns about margin pressure from competition. It said:
This insurance giant reaffirmed guidance for full year 2025, with a combined operating ratio of about 92.5 per cent. However, group premium rate increases of about 1.5 per cent in the nine months to September 30 were modestly below the first half result in 2025, driven mostly by commercial lines. Shares on December 4 were trading at a premium to our fair value estimate of $16.50, despite falling from its June highs. In our view, the company faces margin pressure from pricing competition, so we recommend investors reduce holdings, while monitoring claims trends and premium rates.
