analyst ratings - Ceta Research

Horizontal bar chart comparing analyst upgrade CAR at T+21 across five exchanges. Germany leads at +1.46%, followed by UK +0.75%, Canada +0.54%, Switzerland +0.65%, US +0.49%.

analyst ratings

Analyst Upgrades Across 5 Markets: What Works, What Fades, What

We measured 136,610 analyst rating revision events, upgrades and downgrades, across US, Germany, UK, Switzerland, and Canada from 2012 to 2025. Every market shows immediate price reaction on the day of the upgrade. What happens over the following three months is where markets diverge. Contents 1. Method 2. The

Horizontal bar chart showing T+1 cumulative abnormal returns across 9 exchanges for analyst upgrade cluster events. Japan leads at +1.813%, Hong Kong shows negative -1.603%.

analyst ratings

Analyst Upgrade Clusters Across 9 Markets: An Honest Data Assessment

Analyst Upgrade Clusters Across 9 Markets: A Data Quality Honest Assessment Upgrade clusters, events where 2+ analysts move bullish simultaneously, produce statistically significant next-day abnormal returns in 7 of the 9 markets we tested. But the global story is more complicated than the headline suggests, and understanding why requires looking

CAR after analyst upgrades on LSE UK stocks. Clustered upgrades reach +1.37% at T+21 vs +0.32% single. Downgrades deepen to -1.15% at T+63.

analyst ratings

Analyst Upgrades on UK: Sustained Drift and a Strong Cluster Effect

Analyst Upgrades on UK Stocks: Sustained Drift and a Strong Cluster Effect We measured 9,059 individual analyst upgrades on LSE-listed UK stocks from 2012 to 2025. Upgrades produce immediate price impact and the drift sustains through three months. The cluster effect, multiple independent firms upgrading within 30 days, produces

CAR after analyst upgrades and downgrades on US stocks. Clustered upgrades reach +0.92% at T+21 vs single upgrades at +0.18%. Downgrades fall to -1.48% at T+63.

analyst ratings

Do Analyst Upgrades Actually Move Stock Prices? We Measured 66,742 of Them

We ran an event study on 13 years of individual analyst rating changes on US stocks. The average upgrade produces +0.65% abnormal return on day one, but not all upgrades are equal: when two or more analysts upgrade the same stock within 30 days of each other, the drift

CAR after analyst upgrades on XETRA German stocks. Upgrades grow from +0.57% at T+1 to +2.63% at T+63. Downgrades start negative but fully reverse to +0.82% by T+63.

analyst ratings

Analyst Upgrades in Germany: Drift Grows to +2.6% Over 3 Months

Analyst Upgrades in Germany: Drift Grows to +2.6% Over 3 Months We measured 12,585 individual analyst upgrades on XETRA-listed German stocks from 2012 to 2025 and found something different from the US: the drift doesn't fade. It keeps growing for three months. Contents 1. Method 2.

Grouped bar chart showing cumulative abnormal returns by upgrade cluster size (small, medium, large) at T+1, T+5, T+21, and T+63 windows. US exchanges, 2019-2025.

analyst ratings

Analyst Upgrade Clusters: 5,884 Events, One Persistent Pattern

When one analyst upgrades a stock, the market shrugs. When three analysts upgrade the same stock in the same month, something measurable happens. We tested this across NYSE, NASDAQ, and AMEX from 2019 to 2025 using aggregate rating count data, and found statistically significant abnormal returns at every window out