Irrespective of a share market struggling to keep upward momentum going, with indices in negative territory year-to-date, stockbroking analysts are issuing more downgrades than upgrades, and this picture becomes decisively negative when we look at valuations and price targets, and at earnings forecasts.
Sticking to recommendations, for now, total tally for the week ending Friday 16 November 2018 accumulated to ten upgrades (of which Lend Lease accounted for two) and twelve downgrades (with Lend Lease accounting for three). The good news here is that seven out of ten upgrades went to Buy (or an equivalent).
On the negative side, five out of twelve downgrades shifted to Sell with Aveo Group, Elders, Factor Therapeutics, Platinum Management and Shopping Centres Australasia all receiving one. Aveo Group, having issued yet another profit warning, also received a second downgrade to Neutral.