Westpac Bear Sees Positive Start to Tech Overhaul -- Market Talk

Dow Jones

2025/04/01

2243 GMT - Westpac's bear at Citi warns that the lender's positive start to its wide-ranging tech overhaul is only that: a start. Analyst Thomas Strong points out in a note to clients that half the initiatives in Westpac's so-called Project Unite are still in discovery phase. This means potentially time-consuming and costly tweaks and refinements are possible, although Strong thinks that the bank has incorporated a degree of conservatism into its cost estimates. Westpac keeps a sell rating on the stock, but Strong says it is still his pick of major Australian banks. Target price remains A$26.25. Shares are at A$31.57 ahead of the open. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

March 31, 2025 18:43 ET (22:43 GMT)

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Analyst Thomas Strong points out in a note to clients that half the initiatives in Westpac's so-called Project Unite are still in discovery phase. This means potentially time-consuming and costly tweaks and refinements are possible, although Strong thinks that the bank has incorporated a degree of conservatism into its cost estimates. Westpac keeps a sell rating on the stock, but Strong says it is still his pick of major Australian banks. Target price remains A$26.25. Shares are at A$31.57 ahead of the open. 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Analyst Thomas Strong points out in a note to clients that half the initiatives in Westpac's so-called Project Unite are still in discovery phase. This means potentially time-consuming and costly tweaks and refinements are possible, although Strong thinks that the bank has incorporated a degree of conservatism into its cost estimates. Westpac keeps a sell rating on the stock, but Strong says it is still his pick of major Australian banks. Target price remains A$26.25. Shares are at A$31.57 ahead of the open. ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK8062":"综合性银行","BK7511":"ESG概念","WBC.NZ":"Westpac Banking Corporation Ordinary Shares","BK7135":"综合性银行","WBC.AU":"WESTPAC BANKING CORPORATION"},"translate_title":"西太平洋银行熊看到技术改革的积极开端——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"WBC.AU":0.9,"WBC.NZ":1},"content_text":"2243 GMT - Westpac's bear at Citi warns that the lender's positive start to its wide-ranging tech overhaul is only that: a start. Analyst Thomas Strong points out in a note to clients that half the initiatives in Westpac's so-called Project Unite are still in discovery phase. This means potentially time-consuming and costly tweaks and refinements are possible, although Strong thinks that the bank has incorporated a degree of conservatism into its cost estimates. Westpac keeps a sell rating on the stock, but Strong says it is still his pick of major Australian banks. 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