NAB Keeps Bull Despite Iran, Expense Hits -- Market Talk

Dow Jones

04/20

0608 GMT - National Australia Bank keeps its bull at Jefferies despite a hit to earnings forecasts from the Iran conflict and software write-downs. Analyst Andrew Lyons cuts his fiscal 2026 EPS forecast by 16% after the lender said it would increase credit impairments to A$706 million when it announces its fiscal first half result. Lyons had been anticipating a charge of just A$440 million. He tells clients in a note that second-half expenses will also be higher than previously anticipated given changes to the treatment of investment spending following NAB's decision to change its software capitalization policy. However, looking past fiscal 2026, Lyons trims his EPS forecasts for fiscal 2027 and fiscal 2028 by just 2%. Jefferies cuts its target price 4.6% to A$47.73 and keeps a buy rating on the stock, which is down 3.6% at A$41.01. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

April 20, 2026 02:08 ET (06:08 GMT)

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Analyst Andrew Lyons cuts his fiscal 2026 EPS forecast by 16% after the lender said it would increase credit impairments to A$706 million when it announces its fiscal first half result. Lyons had been anticipating a charge of just A$440 million. He tells clients in a note that second-half expenses will also be higher than previously anticipated given changes to the treatment of investment spending following NAB's decision to change its software capitalization policy. However, looking past fiscal 2026, Lyons trims his EPS forecasts for fiscal 2027 and fiscal 2028 by just 2%. Jefferies cuts its target price 4.6% to A$47.73 and keeps a buy rating on the stock, which is down 3.6% at A$41.01. (stuart.condie@wsj.com) \n</p>\n<pre style=\"white-space: pre\">\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  April 20, 2026 02:08 ET (06:08 GMT)\n</p>\n<p>\n  Copyright (c) 2026 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"NABZY","symbol_name":"National Australia Bank Ltd. 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He tells clients in a note that second-half expenses will also be higher than previously anticipated given changes to the treatment of investment spending following NAB's decision to change its software capitalization policy. However, looking past fiscal 2026, Lyons trims his EPS forecasts for fiscal 2027 and fiscal 2028 by just 2%. Jefferies cuts its target price 4.6% to A$47.73 and keeps a buy rating on the stock, which is down 3.6% at A$41.01. ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"NABZY":"National Australia Bank Ltd. 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