Changes to stockbroker ratings in the past week
Downgrades to ratings by the eight brokers in the FNArena database continue to outweigh upgrades to the tune of 12 ratings reductions over the past week compared with eight increases. Total Buy ratings now stand at 44.79%.
Among the upgrades, the one stock to see more than one increase was Fortescue Metals (FMG), with both UBS and RBS Australia upgrading it to Buy. RBS says Fortescue's securing of a new debt facility removes short-term funding issues, enough to justify a more positive rating in the broker's view.
Also upgraded was biotech Acrux (ACR), with RBS suggesting there is now reasonable value in the stock at current levels following share price weakness post a profit downgrade announcement in August. RBS has moved to a Buy rating.