National Australia Bank upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley upgraded National Australia Bank to Equal Weight from Underweight with a price target of A$30.30, up from A$27.40. Morgan Stanley believes that National Australia Bank should benefit from “an improvement in the balance of risks given its business mix, franchise performance, cost management and strong balance sheet.” However, the firm noted that it didn’t feel the company should be Overweight rated, as “earnings have peaked and trading multiples already partly reflect expectations of a ‘soft’ landing.”