We are past halfway in the local reporting season if we measure by market capitalisation, but far from it in terms of numbers of Australian companies reporting.
And it is raining downgrades for individual ASX-listed entities. For the week ending Friday, 17th August 2018, FNArena registered no less than 28 downgrades against twelve upgrades. Six out of the dozen upgrades only moved as far as Neutral/Hold.
Consensus target prices provided a positive offset in that average increases proved larger than downward adjustments.