Given that earnings season is just around the corner, and with a number of companies already releasing early trading updates, we’re likely to see a number of broker upgrades and downgrades over the coming weeks.

Analysts will adjust their forecasts for shares throughout the market based on the results reported by each business, together with the outlook that various management teams provide. As always, investors need to take these broker reports with a grain of salt, but they are a useful starting point for getting a gauge on what the experts think.

With that in mind, brokers have upgraded their guidance on these three shares…

Aconex Ltd (ASX: ACX)

Aconex operates in the software industry, providing the construction and engineering industries with a cloud-based platform from which they can manage their projects. It enables document management and collaboration throughout the entire process, while it also enhances efficiency and communications.

This morning, UBS raised its price target on the shares by 25% to $9, although it did also downgrade its guidance from Buy to Neutral. The share were trading for $8.36 when the market closed yesterday and are looking somewhat expensive compared to their annual sales and earnings.

oOh!Media Ltd (ASX: OML)

oOh!Media is one of Australia’s leading out-of-home (OOH) media businesses. It owns a number of billboards which are situated above some of the country’s busiest roads, while it also provides advertising space within shopping centres, airports and high-dwell areas such as cafes and health centres. The industry as a whole is experiencing strong growth, and oOh!Media is establishing itself as a leader in the digital OOH advertising market.

According to Dow Jones Newswires this morning, Macquarie has upgraded its target price by 17% to $5.30 which compares to a current share price of $5.19. oOh!Media’s shares have had a great run and aren’t the bargain they once were, but could still be worth a look by long-term investors.

Nanosonics Ltd. (ASX: NAN)

Three brokers upgraded their guidance on Nanosonics shares yesterday after the infection control business released its quarterly sales report. Canaccord Genuity raised its target by 23% to $2.70, while Bell Potter and Morgans increased theirs by 13% and 11% to $3.11 and $2.73, respectively.

Nanosonics’ sales appear to be ticking up a notch, and were particularly strong in the fourth quarter. While its shares could still be worth a look, they aren’t cheap. The company has a market cap around $800 million compared to sales of $42.8 million and no profit forecast until the current financial year (FY17).

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Motley Fool contributor Ryan Newman has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.