Changes to stockbroker ratings in the past week
Among the upgrades were two resource plays: Atlas Iron (AGO) and Regis Resources (RRL). Atlas was upgraded to Neutral by UBS because despite the weaker iron ore price, the broker suggests Atlas has enough liquidity to meet its capex, dividend and tax requirements in the 2013 financial year. Recent share price weakness has improved the value on offer.
For Regis Resources, full-year earnings showed a strengthening of the group's balance sheet, while Deutsche Bank continues to see value as production increases from the combination of the Moolart Well and Garden Well projects and dividends from the company come closer to reality. Deutsche has lifted its rating to Buy, while also lifting its price target on the stock.