The month of May has been rather two-faced: full of buoyancy at first, troubled next and barely keeping a positive return at the finish line. The closing week endured most pressure to the downside, but that did not stop stockbroking analysts from issuing more downgrades than upgrades for individual ASX-listed companies.
In the good books
GALAXY RESOURCES LIMITED (GXY) was upgraded to Outperform from Underperform by Macquarie. B/H/S: 2/2/0. The company has entered a non-binding agreement with POSCO to sell 28% of its Sal de Vida resource for US$280 million. This is a better outcome than Macquarie envisaged as the company is now able to sole fund the development. Target is raised to $3.90 from $3.00.