Amidst a lot of portfolio switching going on – from “Growth” and “Quality” into “Value” and “Cyclical” and back – stockbroking analysts monitored daily by FNArena issued eight upgrades for ASX-listed securities, but only three moved to (an equivalent of) Buy. Maybe this illustrates the current state of affairs?
One positive observation is that last week only generated six downgrades from the same seven stockbroking firms, with only two of those shifting to a Sell. Equally noteworthy is that mining stocks hardly feature among the downgrades but they do among the upgrades.
Very little is happening in terms of changes to valuations and price targets. This might change as more out-of-season financial earnings reports are being released this week and in November.