0352 GMT - National Australia Bank's senior-management changes raise the lender's execution risk and prompt Morgan Stanley analysts to lower their rating on the stock to equal-weight from overweight. They also worry about pressure on margins from competition in business banking, lower-than-market growth rates in mortgage lending, and less chance of further capital-management initiatives. They tell clients in a note that the factors will likely weigh on near-term share-price performance. However, NAB still has a solid recent track record on costs and healthy levels of provisions, they add. MS cuts its target price 7.0% to A$34.80. Shares are up 1.2% at A$33.05. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
March 19, 2025 23:52 ET (03:52 GMT)
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