National Australia Bank (ASX:NAB) higher execution risks are expected to weigh on its near-term share price performance, driven by management changes, margin pressure from competition in the banking business, and a reduced likelihood of further capital management, according to a Thursday report by The Australian, citing Morgan Stanley.
On March 16, the bank said group Chief Financial Officer Nathan Goonan resigned and will leave the bank later this year to join Westpac Banking (ASX:WBC, NZE:WBC) as CFO.
Morgan Stanley downgraded NAB to equal-weight from overweight and cut its price target to AU$34.80 from AU$37.40.
Shares of the bank rose past 1% in recent Thursday trade.
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