Local stock analysts are using the seasonal share market correction in September/October to re-assess and embark on a treasure hunt. In most cases, a weaker share price has reinforced the idea there's value up for grabs and this explains why yet another week saw significantly more upgrades for individual stock ratings, while only a small number of downgrades were issued.
In the good books
James Hardie (JHX) was upgraded to Neutral from Sell by UBS. James Hardie's share price has fallen 20% in the sell-off to below the broker's target, despite the weaker Australian dollar providing a tailwind for earnings and the US housing construction outlook remaining positive. The broker has upgraded earnings forecasts by 2%–6% in FY15-17.