National Australia Bank rises after Jefferies lifts PT citing focus on cost outlook

National Australia Bank

Wed 01:11

Updates
** Shares of National Australia Bank NAB.AX gain as much as 1.4% to A$39.760
** Analysts at Jefferies raise price target to A$46.08 from A$45.71, reiterate "buy" rating
** Jefferies increases FY26 EPS estimate for Australia's top business lender by 1%, lowers EPS outlook by 2% for FY27
** Brokerage says during annual results, focus will be on FY27 cost outlook, timing of benefits from a nearly 6% workforce reduction and signs of further SME deterioration 
** Forecasts H2 NIM flat for NAB, compared with the previous half, signalling an improvement in Q4
** Jefferies expects about 3%-4% gross savings from the 6% job cut, reducing estimated recurring cost growth in FY27 to nearly 2%
** NAB down 6.4% YTD, including the session's moves

 (Reporting by Keshav Singh Chundawat in Bengaluru)
 ((Keshav.singhchundawat@thomsonreuters.com))