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Again, a number of broker notes were talked about last week. Some of these notes were positive and some were bearish.
Below is a summary of the three sales ratings that caught my eye. Here’s why top brokers think investors should sell these stocks next week:
According to a note from UBS, The analyst downgraded the stock of this mining giant to sell Evaluate and reduce those price targets to $ 15.00. Brokers have moved on the belief that iron ore prices will continue to fall in the coming months. UBS believes the price could drop from $ 70 to $ 80 per ton. This will put pressure on Fortescue’s free cash flow and dividends. Fortescue’s share price closed the week at $ 15.27.
Magellan Financial Group Co., Ltd. (ASX: MFG)
Another note from UBS Analysts take stock of this fund manager sell Evaluate and significantly reduce those price targets to $ 35.00. UBS states that Fortescue is experiencing a outflow of funds when investment performance is lagging and pressure on higher-than-average fees is increasing. Magellan’s share price was $ 15.27 at the closing price on Friday.
Analyst Macquarie Holding them Underperform This cloud accounting company’s stock rating and price target of $ 130.00. This follows the news that rival Intuit has acquired email marketing company Mailchimp. Macquarie is concerned that Intuit may remove Mailchimp from the Xero ecosystem. In that case, some subscribers may switch to Intuit’s Quickbooks to maintain access to the app. In addition, we believe the acquisition will enhance Intuit’s services and support its global expansion. Xero’s share price ended this week at $ 153.34.
Top brokers nominate three ASX shares to sell next week on September 19, 2021
Source link Top brokers nominate three ASX shares to sell next week on September 19, 2021