0001 GMT - Westpac's bear at Macquarie is pleased to see the Australian bank laying out targets for its comprehensive tech overhaul, but still thinks the stock is too expensive given the risks involved. The lender is unlikely to hit all of its medium-term targets but achieving 50%-75% of them would be significant, according to an analyst note from the investment bank. The note says that Westpac has made a good start to an ambitious journey, but warns that the share price implies only a limited discount for execution risk. Macquarie is 12-24 months away from de-risking the overhaul. Macquarie keeps an underperform rating and A$28.00 target price on the stock, which is down 1.4% at A$31.45. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
March 30, 2025 20:01 ET (00:01 GMT)
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