With most analysts still taking time off over the holiday period, broker notes are extremely limited right now.
But never fear! Listed below are a few recent broker recommendations that remain very relevant today. Here are three ASX shares rated as sells:
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AMP Ltd (ASX: AMP)
According to a note out of UBS, its analysts have put a sell rating and 90 cents price target on this financial services company's shares. UBS isn't overly positive on AMP's demerger plans. It notes that the PrivateMarketsCo business has been experiencing revenue and margin weakness and doesn't appear to believe things will improve in the short term. In addition, UBS feels the core business will be reliant on cutting its costs to support its growth. The AMP share price is trading at $1.01 on Wednesday afternoon.
Insurance Australia Group Ltd (ASX: IAG)
A note out of Morgan Stanley reveals that its analysts have an underweight rating and $3.75 price target on this insurance giant's shares. The broker highlights a number of factors the company is facing that it fears could weigh on its performance. These include reinsurance renewal and reform risks, market share losses, and margin weakness. The IAG share price is fetching $4.37 on Thursday.
Woolworths Group Ltd (ASX: WOW)
Another note out of UBS reveals that its analysts have a sell rating and $35.00 price target on this retail giant's shares. This follows the release of a trading update which revealed that COVID-related costs are impacting its earnings. And while these costs will soon ease, the broker has concerns about the impact food costs and its investment in online shopping will continue to have on margins. Another headwind UBS thinks investors should be aware of is the lack of population growth. The Woolworths share price is trading at $37.89 this afternoon.
