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:
AMP Ltd (ASX: AMP)
According to a note out of UBS, its analysts have retained their sell rating and 90 cents price target on this financial services company's shares. Although AMP delivered a full year result that was better than it was expecting, it isn't enough for a more positive rating. This is due to concerns over the core AMP business and its doubts that the demerger of its private markets business will unlock value for investors. The AMP share price ended the week at $1.02.
Magellan Financial Group Ltd (ASX: MFG)
A note out of Morgan Stanley reveals that its analysts have retained their underweight rating and $18.11 price target on this fund manager's shares. This follows news that its Chief Investment Officer, Hamish Douglass, is taking indefinite medical leave. Morgan Stanley notes that this comes at a time of poor investment performance from its funds. Together with the prospects of lumpy outflows from institutional clients and margin pressures, the broker isn't in a rush to change its rating. The Magellan share price was fetching $18.11 at the end of the week.
Mineral Resources Limited (ASX: MIN)
Analysts at Ord Minnett have retained their sell rating and cut their price target on this mining and mining services company's shares to $45.00. According to the note, Mineral Resources' half year result fell well short of broker's expectations. Looking ahead, the broker warns that iron ore prices could weaken in the coming months and weigh on its performance. All in all, it continues to believe that the company's shares are overvalued. The Mineral Resources share price ended the week at $53.20.
