0138 GMT - National Australia Bank's earnings outlook and capital position aren't enough for the lender to hang on to its bulls at Morgan Stanley. The investment bank's analysts lower their recommendation on the stock to equal-weight from overweight, telling clients in a note that NAB's organic capital generation was soft in the second half of its last fiscal year. They don't see any dividend risk in fiscal 2026 but think that the lack of a meaningful capital buffer above NAB's stated target reduces its capacity to accelerate growth in business or institutional banking. MS cuts its target price 5.9% to A$40.00. Shares are up 1.8% at A$43.82. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

November 06, 2025 20:38 ET (01:38 GMT)

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