ANZ Group upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley upgraded ANZ Group (ANZGF) to Equal Weight from Underweight with a A$27.80 price target The stock’s “wider-than-usual” valuation discount to peers captures ANZ’s relatively low return profile and dividend growth prospects, above-average exposure to New Zealand, and below peer loss rates and collective provision coverage, the analyst tells investors in a research note.