ANZ Group downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Richard Wiles downgraded ANZ Group to Equal Weight from Overweight with a price target of A$27.70, down from A$27.90. Following what the firm calls a “mixed 1H24 result,” it contends that ANZ’s institutional bank is performing well and its Australian retail franchise momentum has improved, but it also has a range of strategic priorities to juggle. The firm sees “little scope for EPS upgrades in FY25,” the analyst tells investors.