In the good books
ANZ BANKING GROUP (ANZ) was upgraded to Neutral from Underperform by Credit Suisse and to Overweight from Equal-weight by Morgan Stanley
Credit Suisse observes the stock has underperformed the market by -17% and the bank index by -9% over the last 12 months. Going forward, the broker considers most of the issues are now behind the bank and there is some upside emerging. With asset divestments still to come, a capital management story could re-emerge. Hence, the rating is upgraded to Neutral from Underperform. Target is unchanged a $26.