Jefferies raises PT on Westpac Banking; PNG regulator blocks deal with Kina

Kina Securities

15/09/2021 01:32

** Jefferies raises price target on Australia's
second-biggest lender Westpac Banking Corp  WBC.AX  to A$25.6
from A$25.5 and maintains "hold" rating 
    ** Papua New Guinea's competition regulator blocked on
Tuesday WBC's sale of Pacific business to ASX-listed Kina
Securities  KSL.AX , after expressing concerns  urn:newsml:reuters.com:*:nL4N2QF3VM
    ** Brokerage says it remains positive on the sector but WBC
is least preferred given adverse trends on net interest margin,
costs, loan losses, and consensus being too high
    ** Seven out of 14 analysts who cover the stock rate it
"buy" or higher, two rate "sell" or lower and five rate "hold";
median PT A$28- Refinitiv data
    ** WBC has risen 32.8% this year as of last close
       

 (Reporting by Aditya Munjuluru in Bengaluru)
 ((aditya.srivastsav@thomsonreuters.com))