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 investors might want to hear about are summarised below. Here's why top brokers think investors ought to sell these shares next week:
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Magellan Financial Group Ltd (ASX: MFG)
According to a note out of UBS, its analysts have retained their sell rating and slashed their price target on this fund manager's shares to $17.00. This follows news that Magellan has lost its biggest client, St James Place. UBS suspects there could be more mandate terminations in the future, as well as further net fund outflows. The broker feels this will put pressure on fund fees. The Magellan share price was trading at $21.21 at Friday's close.
Virtus Health Ltd (ASX: VRT)
A note out of Morgan Stanley reveals that its analysts have retained their underweight rating and $6.50 price target on this fertility treatment company's shares. While the broker notes that trading conditions have been better than it was expecting this year, it isn't enough for a change of rating. Morgan Stanley continues to see its shares as fully valued at the current level. The Virtus Health share price was fetching $6.84 at the end of the week.
Woolworths Group Ltd (ASX: WOW)
Analysts at Credit Suisse have retained their underperform rating but lifted their price target on this retail conglomerate's shares to $31.92. This follows the release of a trading update this month which fell short of the broker's expectations. Its underperformance and cost disruptions has led to Credit Suisse downgrading its earnings forecasts. The Woolworths share price was trading at $37.71 at the end of the week.
