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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