Jefferies, Citi lower PT on Australia's ANZ on near-term risks, see long-term growth

ANZ group

03/05/2026 21:03

** Analysts at Jefferies say core issue of weak revenue growth remains unsolved for ANZ Group ANZ.AX even though CEO Nuno Matos has made operational progress

** Brokerage reduces price target for the Australian lender to A$33.98/shr from A$34.25/shr; retains "hold" rating

** While cost execution is strong, 2H26 must prove ANZ can restore mortgage-led revenue growth without hurting margins or processing performance - Jefferies

** Jefferies "struggles" to see a credible path to a 12% ROTE by FY28 and expect returns to remain capped in the 10–11% range

** Citi trims TP to A$40/shr from A$40.3/shr; maintains "buy" rating

** Brokerage also lowers earnings estimates by around 1% for FY26-27, says market can take a more patient view with the stock

** YTD, stock down 2%, as of last close

 (Reporting by Shivangi Lahiri in Bengaluru; Editing by Cynthia Osterman)

 ((shivangi.lahiri@thomsonreuters.com))