It possibly says something about the mood in the City that among all of Thursday’s upgrades, moves to ‘hold’ from ‘sell’ represent the height of positivity.
Cantor Fitzgerald’s upgrade of BA owner Intercontinental Airlines Group (LON:IAG) - to ‘hold’ - reflects the sort of lurking concern about broader economic forces that are making investors particularly tentative.
“IAG is strategically well positioned and is attractively valued. That said, its earnings are always vulnerable to a downturn in the global economy and business services sector,” said Cantor analyst Rob Byde.
Whilst specific to IAG, the comment could feasibly be transposed a large number of London listed stocks amid the recent New Year sell-off.
Meanwhile, downgrades were apparently easier to come by.