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:
According to a note out of
Morgan Stanley, its analysts have retained their
underweight rating and lifted the price target on this banking giant’s shares to $89.50. Morgan Stanley notes that CBA appears to be winning in business banking, with above-system volume growth and good margin management potentially supporting pre-provision profit growth for the first time in four years. In addition to this, the broker points out that the bank’s balance sheet is very strong. However, despite all the many positives, Morgan Stanley can’t look beyond its stretched valuation and holds firm with its underweight rating. The CBA share price is fetching $99.11 this afternoon.
Revenue increased by 20% to $1.65 billion, underlying EBITDA rose 118% to $233.6 million and underlying earnings before interest and tax (EBIT) grew 1,590% to $130.4 million. Its operating profit improved to a profit of $128.8 million.
The ASX 200 share reported that there was growth in all regions and ‘seed technologies’, with particularly strong growth in the Asia Pacific and European regions.
The Nufarm managing director and CEO Greg Hunt said:
Strong early demand and channel restocking in key markets has delivered a very strong first half result. We are realising benefits from the leverage of our APAC business to improved seasonal conditions and the earnings recovery in our European business is on track.
Australia-NZ bubble now open! The 4 ASX shares impacted
Tony Yoo | April 19, 2021 3:55pm |
More on: Image source: Getty Images
Keen investors will monitor the share prices for a batch of ASX-listed companies on Monday after a two-way travel bubble between Australia and New Zealand started operating.
The agreement between the two countries took effect late Sunday night AEST. This means travellers from either side no longer have to undergo mandatory COVID-19 quarantine in either country.
Qantas Airways Limited (ASX: QAN) and its budget brand Jetstar on Monday resumed all of its pre-COVID flights to New Zealand, plus a new route between the Gold Coast and Auckland.