Morgan Stanley raised the firm’s price target on NatWest Group to 270 GBp from 260 GBp and keeps an Equal Weight rating on the shares. 2024 Revenue guidance implies downgrades to consensus, the firm says. However, the perception that the worse is behind and a more than 13% ROTE guidance 2026 vs. 0.7-times TNAV drove the share price reaction, in Morgan Stanley’s view.
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