Changes to stockbroker ratings in the past week
Last week saw local stockbrokers zoom in on the domestic Annual General Meeting season in Australia and expectations are far from exuberant. In a best case scenario, so it appears, company boards will re-affirm cautious guidance for the year ahead – or stay mum.
Those with a less buoyant world view are anticipating downgrades and early profit warnings. At the very least, it looks like the next few weeks won’t fly under the radar.
Last week also proved a big week for stockbroker recommendation downgrades. As of Friday, the FNArena Database scoreboard was showing a whopping 19 downgrades versus just four upgrades over the course of the week. Note that six of the downgrades recorded all belonged to serial disappointer Bank of Queensland (BOQ).