In the good books
Credit Suisse upgraded Coca-Cola Amatil (CCL) to Neutral from Underperform. Buy/Hold/Sell 3/4/0 The broker's channel checks reveal repeat purchases of Coke Life are probably short of expectations. Investors are warned to be cautious about anticipating a positive earnings surprise for either the half or full year. But Credit Suisse upgrades to Neutral from Underperform, given the fall in the share price recently.
Citi upgraded Mirvac (MGR) to Buy from Neutral. Buy/Hold/ Sell 4/2/1 Citi believes concerns surrounding macro prudential policy are important but unlikely to slow down developer sales significantly. Moves to curtail investor activity are expected to affect the established house market more than new housing.
Deutsche Bank upgraded Westpac (WBC) to Buy from Hold. Buy/Hold/Sell 3/2/3 The fall in the share price over the last six weeks is unjustified in Deutsche Bank's view, given strong fundamentals and a first half that was only slightly weaker than expectations. Regulatory issues appear manageable and over time the broker expects asset/liability re-pricing should protect returns.