Bendigo and Adelaide downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Bendigo and Adelaide to Equal Weight from Overweight with a price target of A$11.90, down from A$12.20. While stating that the firm likes B&A’s recent franchise momentum and its strategy to improve returns, the analyst expects a mixed second half result and outlook commentary to weigh on consensus earnings estimates and limit potential for further share price outperformance in the near-term.