Changes in recommendations for ASX-listed stocks by the seven stockbrokerages monitored daily continue to carry a slight bias towards downgrades. For the week ending Friday 29 November 2019 FNArena registered 10 upgrades and 11 downgrades with Telstra the sole recipient of two upgrades, both to Buy.
Only three out of the 10 upgrades stopped at Hold/Neutral, while four companies received a fresh Sell recommendation: AMP, IOOF Holdings, Perpetual and Sigma Healthcare.
With the out-of-season corporate reports now winding down, and quarterly updates on commodities still ahead, it is no surprise overall activity in further adjustments to earnings estimates remains rather benign. Though it has to be pointed out that corporate Australia is still issuing profit warnings.