Jefferies retains 'hold' rating for Australia's Westpac, sees tech progress

Westpac Banking

26/03/2026 21:50

** Analysts at Jefferies maintain price target for Westpac Banking WBC.AX at A$35.66; reiterate "hold" rating

** Brokerage says the banking firm's Unite program, a technology to simplify bank's operations, remains on time and budget

** Project cost to remain stable through FY29 and migration of Asgard, a platform providing investment and superannuation products, boosting delivery confidence — Jefferies

** Adds cost-to-income gap will require more than Unite alone, while the shift of customers of its regional brands to the WBC brand carries churn risk despite early positive banker feedback

** Seven out of 12 analysts recommend "sell", while five "hold"; set the median PT at A$35.12, according to data compiled by LSEG

** WBC up 4.8% YTD

(Reporting by Keshav Singh Chundawat in Bengaluru)

((Keshav.singhchundawat@thomsonreuters.com))