0022 GMT - National Australia Bank shakes off its bear at Macquarie, where analysts see relative valuation appeal to rivals Commonwealth and Westpac. They raise their recommendation on NAB to neutral from underperform, calling the move a tactical upgrade. The analysts write in a note that the stock is trading at a broadly similar multiple to Westpac, but offers attractive longer-term exposure to resilient small- and medium-sized enterprises. This sector is less homogenous than retail banking and likely to offer better returns, they add. Macquarie lifts its target price on NAB by 11% to A$36.00. Shares are up 2.7% at A$39.11. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
January 20, 2025 19:22 ET (00:22 GMT)
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