On Monday 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 that have just been given sell ratings are listed below.
Here's why these brokers are bearish on these ASX 200 shares:
Evolution Mining Ltd (ASX: EVN)
According to a note out of Citi, its analysts have downgraded this gold miner's shares to a sell rating with an improved price target of $5.60. Although the broker has increased its estimates for the gold price, it isn't enough for it to take a positive view on Evolution. It feels that its shares are overvalued in comparison to its peers and sees better value elsewhere in the sector. The Evolution share price is trading at $5.94 this afternoon.
Netwealth Group Ltd (ASX: NWL)
A note out of the Macquarie equities desk reveals that its analysts have retained their underperform rating but lifted the price target on this investment platform provider's shares to $6.80. This follows the release of its funds update for FY 2020 last week. Although the broker acknowledges that Netwealth had a strong finish to the year, it remains concerned about margin compression in FY 2021 and FY 2022. In light of this, it feels investors should be taking profit after some strong gains over the last few months. The Netwealth share price is changing hands for $11.21 on Tuesday.
Platinum Asset Management Ltd (ASX: PTM)
Another note out of Citi reveals that its analysts have retained their sell rating but lifted their price target on this fund manager's shares to $3.00. Citi was pleased to see Platinum's fund outflows soften and the company earn some performance fees at long last. Nevertheless, it notes that the performance of its key fund is underwhelming and appears concerned this could weigh on fund inflows in the near term. The Platinum share price is trading at $3.90 this afternoon.