On the positive side, price targets for both JC Decaux (France/ Advertising) and Schroders (UK/ Asset Management & Custody Banks) were upgraded. In the case of the latter, that assessment seems reasonable enough-- providing 'C' does not turn out to be resistance, of course. For the advertiser that continues to remain locked in a multi-year trading range, and is approaching the upper bound of said range, a higher price target might be more of a stretch.
Downgrades to the price target and estimate for Embraer (Brazil/ Aerospace & Defense) and Admiral Group (UK/ Property & Casualty Insurance), respectively, also seem to have mixed validity when we consider the chart patterns. While it seems reasonable to assume the airplane manufacturer will remain in its trading range (and thus warrant a more conservative price estimate), the pattern for Admiral is more constructive and would suggest that, having broken a downtrend to form a multi-year base, estimates could improve.
Finally, we have the the rating change to outperform from market perform for Citigroup (US/ Other Diversified Financial Services). The uptrend (within a long-term trading range) remains intact but has struggled to overcome resistance, calling into question whether or not accumulative forces can prevail-- and, thus, leading us to question whether or not such an upgrade could be, at the very least, a bit early.
