Yesterday I looked at three ASX shares brokers have given buy ratings to this week.
Unfortunately, not all shares are in favour with them right now. Three ASX shares that have just been given sell ratings by brokers are listed below. Here’s why these brokers are bearish on them:
Jupiter Mines Ltd (ASX: JMS)
According to a note out of Macquarie, its analysts have downgraded this manganese mining company’s shares to an underperform rating and cut the price target on them to 22 cents. The broker made the move in response to weak prices of lower grade manganese products and higher shipping costs. The Jupiter Mines share price is currently fetching 22 cents on Thursday afternoon.
Lendlease Group (ASX: LLC)
A note out of Morgan Stanley reveals that its analysts have retained their underweight rating and $11.40 price target on this property company’s shares. The broker believes Lendlease should sell its communities business rather than pursue an alternative capital structure. It notes that this segment has not performed well in recent years, when compared to rivals. In addition, the broker has recently spoken about concerns over the sustainability of Lendlease’s production targets. The Lendlease share price is now trading below this price target at $11.22 but Morgan Stanley isn’t in a rush to change its rating.
Xero Limited (ASX: XRO)
Another note out of Macquarie reveals that its analysts have retained their underperform rating and $130.00 price target on this cloud...
Read Full Story: https://www.fool.com.au/2021/09/16/top-brokers-name-3-asx-shares-to-sell-today-92/
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