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By Mark Woodruff
For the week ending Friday 12 February, there were fifteen upgrades and ten downgrades to ASX-listed companies by brokers in the FNArena database.
ASX received three upgrades to Neutral from Sell by separate brokers and Transurban Group received two upgrades to Neutral from Sell.
There was some consensus amongst brokers regarding a turnaround for ASX. Ord Minnett considers the company has reached the bottom of its earnings cycle and is expected to see some rebound in FY22, while Citi believes all of the main negatives are now known.
Citi upgraded Transurban Group after a -20% share price underperformance over the past three months. Meanwhile, Credit Suisse raised FY21 distribution estimates with higher numbers expected in FY22 and FY23, due to lower financing costs after Chesapeake proceeds are received.
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