More broker upgrades coming

Following the Citi share price target upgrade for Vocus today, reviewing the current average 12 month share price target across the street indicates more price upgrades are likely coming.

Looking at the 8 current broker share price targets I can source (Goldman, JP Morgan, Baillieu, Morgan Stanley, Morningstar, Evans & Partners, Morgans and Macquarie), the average of these is $2.77. With the share price closing at $3.22 today this average broker target is now approx 14% underwater. If the share price stays with a "3" in front of it, these brokers are going to have to start moving on forecasts.