Analysts had a quiet short week, with only a few actions, including an upgrade for the ASX on the back of improved activity.
In the good books
Credit Suisse upgraded ASX (ASX) to Neutral from Underperform. Buy/Hold/Sell 0/5/3 March quarter stats show a strong result for ASX trading, with equities and derivative activity solid and rate cut expectations driving volumes, the broker notes. March is usually a quiet quarter for raisings but activity was solid in that space as well. Strong cyclical activity is providing a tailwind for ASX volumes at present and given dividend and valuation support, the broker has upgraded its rating to Neutral. But the broker continues to believe ASX faces structural headwinds over the next 2-3 years.
Citi upgraded Oil Search to Neutral from Sell. Buy/Hold/Sell 6/2/0 The recent underperformance in the share price means the stock is now trading below the broker's target and, as such, the rating is upgraded to Neutral from Sell.