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Westpac's Lack of Detail Is Disappointing, Unsurprising -- Market Talk

Dow Jones
Yesterday

0253 GMT - Westpac's bears at Morgan Stanley are disappointed but unsurprised that the Australian bank still hasn't quantified the expected financial benefits of its multiyear tech overhaul. They tell clients in a note that it is unfortunate that there is still no roadmap for Westpac's path to its FY 2029 cost and return targets. The MS analysts acknowledge that the bank is making good progress on its simplification projects, but remain of the view that "a shift in operating conditions and the potential for earnings downgrades are currently more important share-price drivers." MS has an underweight rating and A$34.40 target price on the stock, which is up 0.65% at A$40.725. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

March 26, 2026 22:53 ET (02:53 GMT)

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