National Australia Bank downgraded to Underweight from Equal Weight at Morgan Stanley

Morgan Stanley downgraded National Australia Bank (NABZY) to Underweight from Equal Weight with a price target of A$39.80, down from A$43.50. The major Australia banks had a good reporting season in February, but the firm believes the risk of both earnings downgrades and trading multiple de-ratings is rising and it moves its industry view on the Australia banks to Cautious from In-Line.