On Wednesday 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 them:
Bendigo and Adelaide Bank Ltd (ASX: BEN)
According to a note out of Macquarie, its analysts have retained their underperform rating and $9.50 price target on this regional bank's shares. The broker continues to believe that Australia's regional banks are expensive at current levels and that more value for money can be found elsewhere. Macquarie also has an underperform rating on Bank of Queensland Limited (ASX: BOQ) shares. The Bendigo and Adelaide Bank share price is currently trading 2% lower at $9.55.
Domino's Pizza Enterprises Ltd (ASX: DMP)
Analysts at Deutsche Bank have retained their sell rating and $35.00 price target on this pizza chain operator's shares after it announced its expansion into Denmark. According to the note, the broker believes the move into Denmark is a good opportunity but notes that both Pizza Hut and the previous operator of the Domino's brand in the country have struggled. Furthermore, the broker isn't convinced the Denmark market can cater to 150 stores that management is targeting. The Domino's share price is currently trading 1% lower at $43.30.
Santos Ltd (ASX: STO)
A note out of Credit Suisse revealed that its analysts have downgraded this energy producer's shares to an underperform rating from neutral, albeit with an increased price target of $6.40. According to the note, although the broker has upgraded its oil prices forecasts, it believes the Santos share price is still overvalued at current levels after an impressive share price gain in 2019. Prior to today the Santos share price was up 28% year to date and trading at $6.99.
