National Australia Bank upgraded to Overweight at Morgan Stanley

Morgan Stanley analyst Richard Wiles upgraded National Australia Bank to Overweight from Equal Weight with a price target of A$38, up from A$34.20. The operating trends of Australia’s major banks have been better than expected in 2024, and investors have paid higher multiples for strong balance sheets and “safe haven” status, the analyst tells investors in a research note. The firm lifted price targets, upgrade two names, but retains a negative stance saying “share prices imply nothing goes wrong in 2025.” Morgan Stanley calls National Australia Bank its preferred major bank.