The weekly wrap 3: ANZ and Westpac rallies done for now

It hasn't all been upgrades this week, however. Macquarie actually downgraded ANZ to neutral from outperform this week, suggesting that while the fundamental story still looked good, the market had become a bit carried away. Aspect Huntley also downgraded ANZ, from hold to reduce.

The Citi analysts, who had upgraded last week, reduced Westpac to hold this week given the stock price had soared straight past their target price.

There was a total of six ratings' changes among the major brokers this week, which also doesn't happen very often, particularly when they're inconsistent. While our buy/hold/sell score card is now looking a lot different, the rankings have not changed, although NAB moves to equal second behind ANZ. CBA retains its long-held fourth spot.

What is more interesting is that the ratio of net buys to sells, which troughed at 5/10 after the first leg up in this rally from March, has now flipped to 14/8 following this second wind. The analysts are backing momentum.

They are also backing the "it won't nearly be as bad as we once thought" call on the Australian economy.