National Australia Bank initiated with a Sell at Goldman Sachs

Goldman Sachs initiated coverage of National Australia Bank (NABZY) with a Sell rating and A$38 price target Over the last two years, the Australian Major Banks’ share prices have exceeded expectations and the firm believes the banks’ more disciplined focus on pre-provision operating profit growth despite a weak sector earnings picture has helped the relative sector outperformance. However, it expects sector earnings growth to “remain very challenging,” the analyst tells investors.