Buy, Sell, Hold – what the brokers say

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In the good books

National Australia Bank (NAB) Upgrade to Buy from Neutral by Citi B/H/S: 2/5/0

Citi analysts note how investors have started to price Australian banks differently with Commonwealth Bank of Australia (CBA) leading the pack in terms of relative valuation. The analysts argue this sector bifurcation doesn't appear justified. In their view, current circumstances are making operational performances more uniform across the sector. Negative capital generation is driving CET1 ratios lower for all banks with little or no buffer, point out the analysts. They believe share price falls add to valuation support for the sector in general.

Charter Hall Retail (CQR) Upgrade to Neutral from Underweight B/H/S: 0/4/2; Dexus Property Group (DXS) Upgrade to Neutral from Underweight B/H/S; 1/3/2 Westfield Corporation (WFD) Upgrade to Overweight from Neutral B/H/S: 4/1/1 by JP Morgan

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