Once again, a large number of broker notes hit the wires last week. Some of these notes were positive and some were bearish.
Three sell ratings that caught my eye are summarised below. Here's why top brokers think investors ought to sell these shares next week:
AMP Limited (ASX: AMP)
A note out of the Macquarie equities desk reveals that its analysts have retained their underperform rating and cut the price target on this financial services company's shares to $1.25. This follows the release of a third quarter update which revealed further outflows across its wealth management business. Macquarie believes that AMP's medium term outlook is subdued and suspects that most divisions could struggle. The AMP share price ended the week at $1.35.
OZ Minerals Limited (ASX: OZL)
Analysts at Credit Suisse have retained their underperform rating but lifted their price target on this copper producer's shares to $12.55. The broker notes that OZ Minerals delivered a solid quarterly update last week and is forecasting lower costs for FY 2020. However, it still feels that its shares are expensive and could come under pressure if copper and gold prices soften. The OZ Minerals share price last traded at $15.81.
Zip Co Ltd (ASX: Z1P)
A note out of UBS reveals that its analysts have retained their sell rating and $5.50 price target on this payments company's shares. The broker notes that Zip has announced the launch of its Tap & Zip product which allows users to make payments anywhere Visa is accepted. While it sees positives in this launch and notes that it opens up the company to a vastly greater number of retailers, it fears it could cannibalise higher margin transactions and weigh on new merchant additions. The Zip share price ended the week at $6.74.
