analyst ratings - Trading Studio

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: No Immediate Alpha, Delayed Signal at 3 Weeks

We tested analyst upgrade clusters on US exchanges from 2019-2025. When 2+ analysts move bullish simultaneously, the T+1 abnormal return is +0.475% (t=11.42). But the real finding is in the cluster size: medium clusters (delta 3-4) produce +1.068% at T+21, while large clusters fade completely.

Horizontal bar chart showing T+21 cumulative abnormal returns across 14 exchanges for analyst upgrade cluster events, sorted by magnitude.

analyst ratings

Analyst Upgrade Clusters Across 14 Markets: No Immediate Alpha, Delayed Signal at T+21

We tested analyst upgrade clusters across 9 exchanges. T+1 abnormal returns are statistically significant in 7 of 9. But 80-97% of non-US events come from one year (2022), limiting what we can conclude. The US, UK, and India signals are most credible. Japan shows the strongest T+1 reaction...

Analyst upgrade CAR at T+21 across five markets vs local benchmarks. Germany +0.78%, Switzerland +0.66%, UK +0.48%, Canada -0.09%, US -0.18%.

analyst ratings

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

We measured 136,479 analyst rating revision events across US, Germany, UK, Switzerland, and Canada from 2012 to 2025 using next-day-close entry. The US is the only market where upgrades underperform after the announcement day (-0.18% at T+21). Germany, UK, and Switzerland show sustained drift....

CAR after analyst upgrades on XETRA German stocks vs DAX. Upgrades grow from +0.09% at T+1 to +1.63% at T+63. Downgrades start negative but fully reverse to +0.88% by T+63.

analyst ratings

Analyst Upgrades in Germany: Drift Grows to +1.6% Over 3 Months vs DAX (12,835 Events)

We measured 12,835 analyst upgrades on XETRA-listed German stocks from 2012 to 2025. Unlike the US where drift disappears by next-day entry, German upgrades keep running, reaching +0.78% vs DAX at one month and +1.63% at three months. Clustered upgrades reach +2.17% at T+63. Downgrades fully...

CAR after analyst upgrades on LSE UK stocks vs FTSE 100. Clustered upgrades reach +1.74% at T+63. Single upgrades drift to +0.64%. Downgrades recover to near zero.

analyst ratings

Analyst Upgrades on UK Stocks: +1.09% vs FTSE 100 at 3 Months (9,116 Events)

We measured 9,116 analyst upgrades on LSE-listed UK stocks from 2012 to 2025. Upgrades produce sustained drift through three months: +0.48% at one month and +1.09% vs FTSE 100 at three months. Clustered upgrades reach +1.74% at T+63. UK downgrades recover rather than persist, opposite to the US...

CAR after analyst upgrades on US stocks. Clustered upgrades reach +0.27% at T+21. Single upgrades fall to -0.51%. Downgrades -0.61% at T+63. All measured from next-day-close entry.

analyst ratings

Do Analyst Upgrades Actually Move Stock Prices? We Measured 66,741 of Them

We ran an event study on 66,741 analyst upgrades on US stocks from 2012 to 2025. The upgrade move happens on announcement day. You can't capture it. By the next close, average upgrades produce -0.18% at one month. Clustered upgrades (2+ firms in 30 days) still drift +0.27% at T+21. Single...