Last week proved exceptionally busy for changes to stockbroker ratings with major banks featuring on the positive side, despite investor concerns about valuations, regulatory risk and increased competition.
What does the frenetic activity during the opening weeks of the New Year suggest about what might be in store for the upcoming February reporting season? All shall be revealed from next week onwards.
In the good books
AMP (AMP) was upgraded to Buy from Neutral by Citi. Marking to market has triggered small positive changes to forecasts, but what caught Citi's attention was the recent share price fall. Looking through market volatility, argue the analysts, the stock now represents good long-term value. There are still risks down the track, but Citi analysts also believe a weaker Aussie dollar and falling bond yields should support funds under management (FUM). Upgrade to Buy from Neutral. Target price remains at $6.10.