Brokers hedge bets on ANZ
April 30, 2010
Major brokers were split in their outlook for Australia and New Zealand Banking Group Limited (ANZ) following Australia’s third largest bank earnings report yesterday. ANZ delivered a 36% rise in half-year statutory profit to $1.93 billion.
Citigroup and Deutsche Bank both rate the stock a hold, saying that ANZ’s Asian push will be help the bank as the global economic recovery continues, while cautioning that acquisitions would constrain return-on-equity upside for the company.
Meanwhile, UBS were more straightforward in their outlook saying momentum was building in Asia, rating the stock a ‘Buy’
Goldman Sachs JBWere continue to be the most bullish on the stock, predicting their share price to be more than 20% higher in twelve months, at around $30.00 per share.
Citigroup and Deutsche Bank both rate the stock a hold, saying that ANZ’s Asian push will be help the bank as the global economic recovery continues, while cautioning that acquisitions would constrain return-on-equity upside for the company.
Meanwhile, UBS were more straightforward in their outlook saying momentum was building in Asia, rating the stock a ‘Buy’
Goldman Sachs JBWere continue to be the most bullish on the stock, predicting their share price to be more than 20% higher in twelve months, at around $30.00 per share.
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