In the good books
QBE INSURANCE GROUP LIMITED (QBE) Upgrade to Buy from Neutral by UBS B/H/S: 6/2/0. UBS has revisited its expectations for QBE and has become less negative on the cyclical trends in both personal and commercial lines in Australia. Although the company still faces some unique challenges the broker believes it is the most attractive exposure across the general insurers. UBS upgrades to Buy from Neutral. Target is steady at $14.50.
TELSTRA CORPORATION LIMITED (TLS) Upgrade to Neutral from Underperform by Macquarie B/H/S: 0/6/2. Telstra has copped some selling recently on concerns over competition and uncertainty over the company's investment strategy, Macquarie notes. The broker nevertheless sees this as priced in and believes the macro backdrop remains broadly supportive for defensive stocks. The sell-off has also pushed up Telstra's dividend yield. Ahead of the company's investor day on Oct 29, Macquarie has upgraded to Neutral. Target unchanged at $5.85.