Westpac shares slide as UBS downgrades stock on valuation grounds
Make us a preferred source
Make us a preferred source on Google
The news: UBS analysts have downgraded their position on Westpac’s stock after it reached the bank’s 12-month target price.
The numbers: At 10:24am AEST shares in Westpac had fallen 1.17% to $38.12. But over the last 12 months its shares have rallied 19.81%.
UBS analysts have raised their 12-month price target from $36 to $38 per share and downgraded their rating from ‘buy’ to ‘neutral’.
The context: On Tuesday, Westpac issued a business and wealth update which included plans to hire an additional 350 bankers. No new guidance was issued.
UBS analysts downgraded their rating on the bank’s stock because its price “has moved through our previous street-high $36 per share price target” and they see it as “more fairly valued now”.
The sources: Westpac Business and Wealth update, Reuters, UBS research
