0330 GMT - Westpac continues to look expensive to Macquarie analysts given risks around the Australian bank's extensive tech overhaul. Maintaining an underperform rating on the stock, they write in a note that the composition of the lender's 1Q update looked a little soft. They think that costs were only lower than the market had expected due the timing of various expenditures, while margin trends look relatively soft despite stable interest rates. They reckon that this points to downside risk to revenue expectations as rates fall. Westpac's valuation multiple of 17 times fiscal 2026 earnings is in line with larger rival NAB, and at a 26% premium to ANZ, they add. Macquarie keeps a A$28.00 target price on the stock, which is down 2.4% at A$32.50. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
February 17, 2025 22:30 ET (03:30 GMT)
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