It keeps on raining downgrades in Australia. Week three of the local reporting season saw FNArena's tally run up to 39 downgrades for individual ASX-listed stocks, and that's just for the five trading sessions, against 19 upgrades. These numbers are not unprecedented, but they are high nevertheless, and they also reveal a heavy skew towards downgrades.
In most cases, valuation seems to be the culprit, but not always solely because of share price exuberance. There are numerous companies that remain simply unable to turn the ship decisively around, and analysts, like any other human, will lose their patience at some point.
In the good books