There’s a diverse set of companies in the latest list of notable earnings upgrades and downgrades as analysts react to a mixed set of third quarter updates.

Small cap internet services outfit CentralNic (CNIC:AIM) saw a string of upgrades following an encouraging trading statement on 18 October which, as research house Edison observed, saw the company ‘continue to benefit from advertisers looking for privacy-safe marketing solutions’.

Management said the company would ‘materially’ outperform expectations for 2022 ahead of a fourth quarter which Edison observes ‘is typically the strongest advertising quarter’.

In an unusual situation, a name to have seen quite a few earnings upgrades and downgrades in the same week is FTSE 100 information provider RELX (REL) and this reflected the mixed nature of the company’s latest update (20 October).

Berenberg analyst Sarah Simon said: ‘While we had assumed a higher rate on floating debt, the fact this variable rate borrowing is primarily in US dollars means the higher cost will translate into more pound sterling than we had previously assumed.

‘On the flip side, given the legal division is growing faster than we had expected, with the driver looking to be sustainable, rather than one-off, we have increased our growth rates for legal by a percentage point.’

Emerging markets asset manager Ashmore (ASHM) saw several earnings downgrades after a 14 October update revealed a 12.5% drop in assets under management for the three months to 30 September 2022.

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