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 shares:
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Bendigo and Adelaide Bank Ltd (ASX: BEN)
According to a note out of the Macquarie equities desk, its analysts have retained their underperform rating and cut the price target on this regional bank's shares to $6.00. This follows the release of its full year results which fell short of the broker's expectations due largely to the pandemic. Macquarie doesn't appear convinced that its performance will improve greatly any time soon and has revised its earnings estimates lower. The Bendigo and Adelaide Bank share price is changing hands for $6.36 this afternoon.
Domino's Pizza Enterprises Ltd (ASX: DMP)
Analysts at Credit Suisse have retained their underperform rating but lifted the price target on this pizza chain operator's shares to $53.19 ahead of its full year results release. Credit Suisse appears to have concerns over new store openings and expects this to weigh on its future growth. As a result, it doesn't believe its shares deserve to trade at such a premium and has labelled them as expensive. The Domino's share price is fetching $76.06 on Tuesday.
JB Hi-Fi Limited (ASX: JBH)
A note out of Citi reveals that its analysts have retained their sell rating but lifted their price target on this retailer's shares to $44.80 following its full year results. According to the note, the broker was pleased with JB Hi-Fi's performance in FY 2020 and felt it delivered a strong set of numbers. However, it suspects that its momentum may have peaked in July. And while it expects a strong first half result in FY 2021, it feels its second half growth could turn negative. The JB Hi-Fi share price is trading at $47.63 this afternoon.
