With reporting season in full swing, there's been plenty of action among the top S&P/ASX 200 Index (ASX: XJO) shares of late.
Some have surprised to the upside, while others have disappointed.
And a number of big-name stocks have come under pressure not because of the results they posted in FY 2026, but because of investor concerns over their performance in the year ahead.
With that in mind, we look at three top ASX 200 shares experts recommend selling following on their results (courtesy of The Bull).
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Commonwealth Bank of Australia (ASX: CBA)
Dolphin Partners Financial Services' Arthur Garipoli recently recommended selling CBA shares.
The ASX 200 bank share reported its full-year FY 2026 results on 12 August.
"Cash net profit after tax of $10.982 billion in full year 2026 was up 7% on the prior corresponding period. The net interest margin of 2.05% was down 3 basis points," Garipoli noted.
But Garipoli sees headwinds building for CBA shares. Summarising his sell recommendation, he concluded:
The bank acknowledged growth is slowing in response to higher interest rates and inflation placing uneven pressure on household incomes and economic activity. Home loan applications since the federal budget in May fell 15%.
CBA is a high-quality bank, but an uncertain Australian economy leaves a challenging outlook at this point. We believe the bank is trading on a stretched valuation, so it may be prudent to lock in some profits.
Which brings us to the second ASX 200 share earning a sell rating this week.
Northern Star Resources Ltd (ASX: NST)
Lazarus Capital Partners' Tom Fairchild believes investors would do well to sell Northern Star shares today.
The ASX 200 share released its June quarter update on 29 July.
"The gold producer operates mines and exploration programs in Western Australia and Alaska," Fairchild said. "The company announced total gold sales of 1.543 million ounces for full year 2026, which was above revised group guidance of 1.5 million ounces."
As for that revised guidance, Fairchild noted:
NST disappointed investors after downgrading production guidance twice in fiscal year 2026 following weaker than expected operational performance. The shares have fallen from $31.73 on March 2 to trade at $23.28 on August 13.
The company's final investment decision regarding the Hemi project is targeted for late fiscal year 2027. In our view, other gold companies appeal more at this stage of the cycle.
Which brings us to…
ASX 200 share Xero Ltd (ASX: XRO)
Lazarus Capital Partners' Fairchild also issued a sell recommendation on Xero shares.
"Xero is an accounting software provider," he said.
As for Xero's FY 2026, performance, Fairchild noted:
The company generated revenue of NZ$2.75 billion in full year 2026, up 31% on the prior corresponding period. The company acquired Melio, a US business-to-business payments platform in June 2025 for about US$2.5 billion. The company recently surpassed 5 million subscribers. Xero shares bounced off a low of $61.58 on July 24 to trade at $77.51 on August 13, 2026.
Explaining his sell recommendation on the ASX 200 shares, Fairchild concluded:
However, the stock was priced at $168.78 on August 13, 2025. Justifiable investor concerns about margin pressure, artificial intelligence growth and US expansion performance have weighed on the stock and sentiment. Investors can consider cashing in some gains.
