National Australia Bank's bear at Morgans introduces increased conservatism into their valuation model after the lender increased its loan provisioning. Analyst Nathan Lead materially downgrades his EPS forecast for the current fiscal year by 18%, pointing to the credit provisions, changes to software capitalization, and an equity raising dividend reinvestment plan that has come about a year earlier than expected. Lead also downgrades his forecast for NAB's average interest-earning asset base and moderates expectations for other operating income. He tells clients in a note that his sell rating is unchanged. Target price falls 7.3% to A$34.56. Shares are at A$41.02 ahead of the open. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

April 20, 2026 19:30 ET (23:30 GMT)

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