Rudi Filapek-Vandyck has been a journalist for nearly three decades, of which nearly two decades has been in finance. After successfully establishing a leading financial news service in Europe, Rudi moved to Australia where he founded FNArena, an online service dedicated to providing independent and unbiased market analysis. He has also develope...View more >
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Upgrades outpaced downgrades this week – among the movements, BHP Billiton and Cochlear were both upgraded while Leighton and Newcrest were downgraded.
After some disappointing weeks, upgrades and downgrades were in balance this week. Downgrades to Wesfarmers and Woolworths were the stand out calls – Flight Centre was upgraded to an outperform.
As the outlook for the mining and resources sector continues to soften, brokers are moving to adjust forecasts, which is contributing to the ongoing rounds of downgrades in this sector.
A glut of mining companies received downgrades by Deutsche Bank during the week, as they revised down their expectations for the gold price. But some mining companies also appeared on the upgrade list..
Last week was a busy week for brokers, with a total of 27 recommendations. There was a lot of activity around some stocks, with actions on Boral, Coca Cola and Downer EDI quite conflicted.
Resources stocks featured prominently on both the upgrade and the downgrade side of the share market as concerns around commodity prices drove movements. Atlas Iron and Orica were upgraded.