On Wednesday I looked at three ASX shares that brokers have given buy ratings to this week.
Unfortunately, not all shares are in favour with them right now. Three ASX 200 shares that have just been given sell ratings by brokers are listed below.
Here's why these brokers are bearish on them:
Australia and New Zealand Banking GrpLtd (ASX: ANZ)
According to a note out of the Macquarie equities desk, its analysts have retained their underperform rating and $18.50 price target on this banking giant's shares. Although the broker believes ANZ's divestment of its New Zealand-based UDC Finance business was a positive, it isn't enough for a change of rating. It continues with its bearish view of the bank and retains its underperform rating. The ANZ share price is trading at $19.10 this afternoon.
Cochlear Limited (ASX: COH)
Analysts at UBS have retained their sell rating but lifted the price target on this hearing solutions company's shares to $160.50. According to the note, the broker has revised its earnings estimates higher to reflect its belief that Cochlear unit sales will recover a touch quicker than expected. Nevertheless, with its shares trading well ahead of its price target, the broker is holding firm with its sell rating for the time being. Cochlear's shares are changing hands for $197.89 on Thursday.
Nufarm Limited (ASX: NUF)
Another note out of Macquarie reveals that its analysts have downgraded this agricultural chemical company's shares to an underperform rating and cut the price target on them to $4.85. The broker was left underwhelmed by Nufarm's recent trading update and has concerns over its prospects in the fourth quarter. Given the importance of this quarter to its overall result, this could mean a disappointing full year result in September. The Nufarm share price has fallen heavily today and is now trading at $4.79.
