0030 GMT - National Australia Bank's updated forecasts make it the most bearish of the country's major banks on housing credit, Citi analyst Thomas Strong observes. NAB's assumption of 2.5% housing-credit growth in fiscal 2027 compares with Strong's forecast of 3.5%, and sits below the 4%-5% flagged by the other three major retail banks. The difference, Strong assumes, is NAB's expectation that investor credit growth will shrink by 1.4% in the period. More positively, NAB's forecast of 7% business credit growth is consistent with Strong's expectation. Citi has a last-published neutral rating on the stock and a target price of 38.00 Australian dollars. Shares are down 4.1% at A$39.69.