Weekly Reports | Sep 20 2024
Broker Rating Changes (Post Thursday Last Week)
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WESTPAC BANKING CORPORATION ((WBC)) Downgrade to Neutral from Overweight by Jarden.B/H/S: 0/0/0
Jarden's new order of preference among the major Australian banks is National Australia Bank (Overweight), Westpac and ANZ Bank with Neutral ratings, followed by the Underweight-rated CommBank.
Overall, the broker expects resilient near-term bank earnings and continues to see upside risks to FY25 consensus forecasts, driven by slightly better margins and currently overstated loan loss expectations.
The analysts raise FY25 and FY26 EPS forecasts by around 1-2% across the majors, while 12-month target prices rise modestly.
The target for Westpac rises to $29.20 from $28.60 and the rating is downgraded to Neutral from Overweight on an elevated relative valuation, explains the broker.
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