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:
Oil Search Ltd (ASX: OSH)
According to a note out of Macquarie, its analysts have downgraded this energy producer's shares to an underperform rating and cut the price target on them to $3.40. This follows a downgrade to neutral just last month. The broker made the move on valuation grounds after a strong rally in its share price over the last few months. In addition to this, it has a few concerns over its Alaska operation. The Oil Search share price is trading at $3.75 this afternoon.
Qantas Airways Limited (ASX: QAN)
Analysts at Credit Suisse have retained their underperform rating and $3.00 price target on this airline operator's shares. According to the note, the broker isn't as confident on the company's prospects in the domestic market as some. This is due to its belief that Virgin Australia will be a strong competitor and the impending entry of Regional Express Holdings Ltd (ASX: REX) into the market. The Qantas share price is trading notably higher than this price target at $5.40 on Tuesday.
WiseTech Global Ltd (ASX: WTC)
A note out of Citi reveals that its analysts have retained their sell rating but lifted the price target on this logistic solutions company's shares to $27.70. The broker has concerns that it could take longer for acquisitions to integrate and for them to deliver on expected returns. It fears the market isn't factoring this risk into its share price and appears to believe this poses meaningful downside risk to forecasts. The WiseTech share price is fetching $31.87 this afternoon.
