At face value the number of broker upgrades to downgrades last week again looks evenly split. However, of the 11 upgrades, 7 went to Buy and of the 11 downgrades, only 3 went to Sell. Of the 11 downgrades, IOOF Holdings copped no less than four following news of APRA's accusations, but all went from Buy to Hold (or equivalent). As the market continues to correct, the bias remains to the upside in terms of analyst recommendations. Five of the upgrades are attributed to "valuation", meaning the share price has fallen too far as far as analysts are concerned. In terms of forecast earnings changes, WiseTech Global tops the upside with 8% while HT&E's suffered a -12% downgrade.
In the good books
ADELAIDE BRIGHTON LIMITED (ABC) was upgraded to Neutral from Sell by Citi. B/H/S: 1/3/2