Westpac Banking initiated with a Neutral at Goldman Sachs

Goldman Sachs initiated coverage of Westpac Banking (WEBNF) with a Neutral rating and A$37.63 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.