The first week following the April holiday-drought provided yet more evidence that corporate Australia is facing multiple headwinds which may not be accurately reflected in today's share prices. And so it was that when analysts and investors returned to their desks in late April/early may, their re-appraisal of freshly updated insights culminated into twelve upgrades in ratings for individual, listed ASX-stocks, vastly outnumbered by 22 downgrades.
Three companies received multiple upgrades, but the news seems less buoyant when looking into the finer details. Wealth manager Pendal Group's market update attracted three upgrades, but only one went to Buy. Gold miner Regis Resources received two upgrades; both moved to Hold/Neutral. At least nickel, copper, gold, silver and zinc miner Independence Group received two upgrades that both pushed ratings to Buy.
No surprise, there was a lot more happening on the other side of the ledger. ANZ Bank's interim report attracted three downgrades; only one went as low as Sell. A profit warning from Domain Holdings ((DHG)) also attracted three downgrades, but this time two moved to Sell.