On Monday I looked at three ASX shares 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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Australia and New Zealand Banking GrpLtd (ASX: ANZ)
According to a note out of Citi, its analysts have downgraded this banking giant's shares to a sell rating and reduced the price target on them to $28.00. Citi has been looking at recent updates in the sector and has concerns over ANZ's Markets revenues. And as this has been driving its core profits recently, it suspects that ANZ could fall well short of consensus expectations in FY 2021. The ANZ share price is trading at $28.43 on Tuesday.
Coles Group Ltd (ASX: COL)
A note out of UBS reveals that its analysts have resumed coverage on this supermarket operator's shares with a sell rating and $16.50 price target. UBS believes that Coles is losing market share both in-store and online. And while it is investing heavily in its online business and supply chain, the broker notes that its main rival is too. As such, it suspects the gap may only narrow slightly despite this investment. The Coles share price is fetching $18.31 today.
Ramsay Health Care Limited (ASX: RHC)
Analysts at Morgan Stanley have retained their underweight rating and $57.00 price target on this private hospital operator's shares ahead of its full year results. According to the note, the broker is expecting Ramsay to report a 17% increase in profit in FY 2021. However, it has concerns over the impact that COVID-19 is having and will have on its performance in FY 2022. In light of this uncertainty, it feels the company may struggle to provide guidance for the year ahead. The Ramsay share price is trading at $69.00 on Tuesday.
