On Thursday 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:
AGL Energy Limited (ASX: AGL)
According to a note out of Credit Suisse, its analysts have downgraded this energy company's shares to an underperform rating and cut the price target on them to $18.00. The broker believes that recent declines in futures for electricity prices could put pressure on AGL Energy's earnings. In addition to this, it appears concerned by rising competition in the retail energy market. Its shares are trading almost 1% higher at $20.50 on Friday.
Platinum Asset Management Ltd (ASX: PTM)
Analysts at Citi have retained their sell rating and $3.90 price target on this fund manager's shares following its latest FUM update. Although Citi notes that Platinum's fund outflows appear to be moderating, it appears concerned with the performance of its investments. It doesn't believe this performance will encourage any meaningful inflows in the near term. This hasn't stopped investors from picking up shares on Friday. In afternoon trade the Platinum share price is up 2.5% to $4.76.
Suncorp Group Ltd (ASX: SUN)
A note out of Morgan Stanley reveals that its analysts have retained their underweight rating and $12.10 price target on this insurance giant's shares. According to the note, the broker believes Suncorp has sufficient cover for its catastrophe damage claims in FY 2020. However, Morgan Stanley remains bearish on Suncorp and appears concerned that growth will be challenging in FY 2020, especially given low interest rates. Suncorp's shares are also on the rise on Friday. At the time of writing Suncorp share price is up almost 1% to $13.30.
