The broker wrap: brokers upgrade Tabcorp, CSL, ASX and more

Founder of FNArena
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Last week saw just four stock recommendations downgraded, while six were upgraded. The overall tally now indicates 45.05% of ASX listed shares are rated as Buy, a light increase on last week, while 43.42% were at Hold and 13.53% as Sell. The downgrade side was evenly split, with two stocks down to Sell from Neutral, while two more were cuts from Buy to Neutral. The upgrades were from Neutral to Buy in five out of six cases, with the remaining one stock bumped up to Neutral from Sell.

Upgrades

The one stock lifted up to Neutral was the ASX (ASX), with Citi noting that while volumes are falling and market velocity is down significantly over the last twelve months to levels not seen over the last twenty years – including post GFC trading – the broker still thinks newly announced volume rebates should help stem the tide. The stock remains negatively regarded in the FNArena Database, with five Holds and three Sells recorded.

CSL (CSL) was upgraded to Buy by Credit Suisse, who was among a number of brokers to give the company positive marks after what was a fairly well received research and development briefing. Current year earnings were lifted pretty much across the board, with the stock otherwise remaining positively regarded in the FNArena Database on five Buys, two Holds and a Sell.

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