Westpac Banking upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley upgraded Westpac Banking to Equal Weight from Underweight with a price target of A$29.70, up from A$26.50. 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.”