In the good books
1. Appen (APX) was upgraded to Buy from Neutral by Citi
Following the proposed acquisition of Figure Eight Citi upgrades to Buy from Neutral. The broker believes this is a complementary acquisition that will provide the technology, platform and expertise to enable material scale and improved productivity. The Figure Eight business was loss-making in FY18 and the broker's estimates for FY19 operating earnings (EBITDA) drop -8%. although FY20 and FY21 estimates are increased by 6% and 30% respectively. Citi raises the target to $28.04 from $23.29.