Earnings results drove broker actions during the week but not all are in the same camp with a number of stocks - like Ardent Leisure and Asciano – receiving both upgrades and downgrades.
In the good books
Citi upgraded Westpac (WBC) to Buy from Neutral following an update on the bank which has triggered small increases to estimates due to expectations of lower credit charges. This sees Citi’s price target rise to $35.75 (was $33.10).
Macquarie upgraded Asciano to Neutral from Underperform. The business may be challenged on near-term revenue, but the broker is happy that the company is creating opportunities. The balance sheet is also solid and the broker expects, once the near-term capex program is completed in FY15, that the payout ratio will increase. (See downgrades below)