Stockbroking analysts may have been slow to jump into action in the first weeks of the new calendar year, there is no disputing they've become busy now that the February reporting season is upon us.
For the week ending on Friday 7 February 2020, FNArena counted no less than 26 upgrades in ratings for individual ASX-listed stocks against 16 downgrades.
The real story might be found in changes to earnings estimates and valuations/price targets. While adjustments to forecasts carry a bias to the downside, valuations and price targets are most likely to be revised upwards. As such, analysts are justifying the strong start for the local share market in January.