There is no doubt analyst rating changes tend to move stock prices. There is also evidence that companies with the fewest buy ratings (unloved) outperform those with the most buy ratings, on average. In this edition we have taken a closer look at how analyst ratings and changes in ratings impact stock performance. Specifically looking at companies that analysts dislike (unloved) that start to see some upgrades. Could those first few upgrades be the more forward looking analysts? Unloved companies that see a few upgrades have performed well over the subsequent quarters.