Morgans Stays Cautious on ANZ Before Its Annual Result
Morgans keeps its trim rating on ANZ ahead of next month's annual result, lifting its target price 2.7% to A$34.44 while doubting revenue goals.
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what happened
According to Market Talk, Morgans analyst Nathan Lead remains cautious on ANZ ahead of the bank's annual result, due to be announced next month. His trim rating is unchanged. Lead notes that ANZ trades on lower multiples than its domestic banking peers, but points to complexities from its institutional exposure, international activities and reliance on wholesale and term deposit funding.
In a note to clients, the analyst modestly raised his EPS forecasts through fiscal 2028, yet he is still skeptical that the bank can deliver on revenue targets set by CEO Nuno Matos. Morgans forecasts a fiscal 2026 cash profit of 7.5 billion Australian dollars. Its target price rises 2.7% to A$34.44, while the shares stand at A$39.90 ahead of the open.
why it matters
For investors in Australian banks, this is a reminder that doubts about ANZ's growth persist even at a relatively low valuation. The annual result will test the profit and revenue outlook, so the release could weigh on the bank's shares and sentiment across the sector.
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- ANZ Warrants Caution Ahead of Annual Result — Market Talk, 26 October 2026 at 23:08 UTC
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