Last week's attempt to find a bottom in the Australian share market was solidly supported by stockbroking analysts issuing a tsunami of recommendation upgrades for beaten down ASX-listed stocks.
For the week ending Friday 23 November 2018, FNArena registered no less than 16 upgrades, of which four only went up to Neutral/Hold, against two lonely downgrades for Collins Foods and Wesfarmers. The latter was the sole recipient of a fresh Sell rating during the week, post Coles de-merger. The pain is compensated by the fact Wesfarmers also received one upgrade to Buy.
G8 Education was the only stock to receive two upgrades for the week; both went to Buy. Other recipients of new Buy ratings include ARB Corp, Carsales, Cochlear, Costa Group, Iluka Resources, Mineral Resources, and a2 Milk.