22:16 GMT -- Citi analyst Brendan Sproules stays cautious on National Australia Bank despite the recent selloff in the lender's stock. Sproules acknowledges that the size of the large-cap's underperformance in such a short period of time might lead to suspicions that the selloff is overdone, but he tells clients in a note that the stock is still trading at a premium to peers ANZ and Westpac. He sees this premium coming under increasing pressure from rising competition on a slow business-banking environment. Management upheaval and deteriorating credit quality are also concerns, Sproules adds. Citi has a sell rating and A$26.50 target price on the stock, which is at A$33.18 ahead of the open. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
March 23, 2025 18:16 ET (22:16 GMT)
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