0354 GMT - ANZ Group replaces National Australia Bank as Morgan Stanley analysts' top pick among Australia's major banks. Both lenders are rated equal-weight by MS analysts, but they highlight ANZ's wider-than-usual discount to peers following its share-price underperformance through 2024. They tell clients in a note that they also prefer ANZ for its differentiated institutional bank, positive momentum in Australian mortgages, good cost discipline and its much-improved risk profile. They have some concerns about ANZ's relatively low provision coverage and limited flexibility on capital management, but raise their target price 7.7% to A$29.30. Shares are up 1.7% at A$29.22. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
March 19, 2025 23:54 ET (03:54 GMT)
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