Both Dexus Property (DXS) and IOOF Holdings (IFL) received two upgrades during the week. For Dexus, news the company intends to sell its remaining US assets to reinvest in the Australian market prompted Macquarie to move to a Neutral rating and JP Morgan to go one better and lift its rating to Buy. In both cases the asset sale is seen as a likely positive catalyst for the stock.
Both Citi and Credit Suisse upgraded IOOF to Buy following the incorporation of the recent Plan B acquisition into earnings models, which resulted in increases to earnings estimates and price target. Credit Suisse also sees value given the stock is trading below historic average multiples.