Here we are trying to break out to new highs for the ASX200, with 6000 proving a tough nut to crack, yet broker upgrades still exceeded downgrades last week. It appears there's not too much overvaluation apparent at these levels, as far as brokers are concerned.
In the good books
ALUMINA LIMITED (AWC) was upgraded to Equal-weight from Underweight by Morgan Stanley B/H/S: 2/4/1. Morgan Stanley upgrades as the company benefits from Chinese capacity reductions that drive firmer alumina prices. Alumina price forecasts are increased by 12% for both 2018 and 2019. Target is raised to $2.20 from $2.10. Attractive industry view retained.