Changes in broker ratings and estimates continue to be dominated by miners and oil and gas stocks, as the industry updates commodities price estimates.
FNArena registered six upgrades and seven downgrades last week and in both cases it was mostly about resources stocks. Retailers, David Jones and Myer, featured on the positive side while AUD victim CSL joined in on the negative side.
In the good books
Atlas Iron (AGO) was upgraded to Buy from Neutral by UBS. The broker prefers iron ore over coal going into the second quarter amid expectations construction activity will continue to lift in China. The company's valuation includes no value for Horizon 2, which could benefit from the funding of the Roy Hill project.