Rallying share prices and profit reports that mostly beat or meet expectations, with resources stocks having been relegated to the back row. This has been the picture for the Australian share market thus far in 2015 and it should therefore not come as a surprise stockbroking analysts have been united in reducing their ratings for ASX-listed stocks more than they have been prepared to lift them.
In the good books
Charter Hall Retail (CQR) was upgraded to Neutral from Sell by Citi. Management retained guidance, believing the stock will benefit from lower interest costs and higher property values over time.
Evolution Mining (EVN) was upgraded to Buy from Hold by Deutsche Bank. Deutsche Bank believes the company has further cost cutting potential and will not pay cash tax until 2020. Cash flow was 43% higher than the prior half and net debt continues to improve.