Upgraded Stocks Account for 20% of the Universe
% Downgrade
% Unchanged
% Upgrade
0
20
40
60
80
100%
2021 Q2
2021 Q3
2021 Q4
2022 Q1
2022 Q2
2022 Q3
2022 Q4
2023 Q1
23%
57%
20%
33%
54%
13%
29%
57%
14%
17%
75%
9%
28%
50%
22%
13%
72%
14%
12%
59%
30%
9%
61%
31%
