ANZ Group upgraded, named preferred major Australian bank at Morgan Stanley

Morgan Stanley upgraded ANZ Group to Overweight from Equal Weight with a price target of A$27, up from A$26.20, and named it the analyst’s preferred major bank and Top Pick in the group. All the Australian banks face revenue headwinds next year, but the analyst believes ANZ will deliver revenue growth at the top end of the peer group in the period to FY25, citing improved performance in Australian mortgages, a business mix that supports margin management, and opportunities for market share gains.