The story for the Australian share market remains the same as investors and analysts start looking forward towards the upcoming reporting season. Incorporating lower estimates for commodity prices, in some cases, leads to downgrades in ratings, but outside this specific adjustment, the underlying picture remains supportive of ongoing strength.
In the good books
Macquarie Atlas Roads (MQA) was upgraded to Hold from Sell by Deutsche Bank. The company will acquire an extra 0.7% stake in APRR. Additionally, the distribution guidance of 8.3c for the second half is higher than the broker expected. Given the company is trading at a 5% yield and over an 8.3% rate of return, Deutsche Bank is upgrading.