I think it can be just as important to know which ASX 200 shares to avoid as it is to know which ones to own when you are aiming to outperform the market.
That's because if you own shares that are likely to fall in value, your portfolio returns could be dragged down along with them.
With that in mind, here are three ASX 200 shares that analysts have named as sells this week, courtesy of The Bull. Here's what they are bearish on:
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BHP Group Ltd (ASX: BHP)
The team at Alto Capital has named BHP shares as a sell this week. While it is positive on the mining giant's exposure to copper, it believes this is built into its share price.
As a result, Alto Capital thinks the risk-reward balance supports taking some profits off the table. It explains:
BHP is Australia's largest diversified mining company, with significant exposure to iron ore, copper and metallurgical coal. The company delivered a strong first half result in fiscal year 2026, reporting underlying EBITDA of $US15.5 billion, up 25 per cent on the prior corresponding period. A major milestone was copper contributing 51 per cent of group EBITDA for the first time.
While the long term outlook for copper remains attractive, investor enthusiasm surrounding electrification and AI-related demand has contributed to a strong share price performance. In our view, the strong operational result, elevated expectations and risk-reward balance support taking some profits.
Commonwealth Bank of Australia (ASX: CBA)
Over at Morgans, its analysts have named CBA shares as a sell this week.
While the broker acknowledges that CBA is undoubtedly Australia's highest quality retail bank, it feels its shares are fully valued and leave little room for error. This comes at a time when interest rates could be higher for longer, potentially putting pressure on bad debts. It said:
CBA is Australia's highest quality retail bank, with a leading market position, strong digital platform and reliable earnings generation. However, quality alone doesn't justify the recent valuation, which stands at a significant premium to domestic and global banking peers. Credit quality remains sound, but should be monitored in a higher-for-longer interest rate environment. The market has long rewarded CBA with a premium multiple. But at recent levels, the shares appear to price in a near perfect outcome with little room for disappointment.
Westpac Banking Corp (ASX: WBC)
Finally, MPC Markets thinks that Westpac shares are a sell.
It believes Australia's oldest bank's shares have a stretched valuation, which poses meaningful downside risk for investors. It said:
Westpac has a strong retail franchise, but the valuation appears stretched. Consensus targets imply downside from current levels. The bank has made progress on simplifying its operations and cutting costs, but, in our view, earnings growth is still expected to lag the broader Australian market. The bank is up against competitive pressures and the risk of softer credit conditions. Investors may want to consider taking a profit at these levels.
