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Strange how these analysist work.

0853 [Dow Jones] STOCK CALL: ABN AMRO slaps Sell rating on National Australia Bank (NAB.AU) after downgrading stock from Hold, and cuts target price to A$21.72 from A$27.22. "We believe NAB will underperform given uncertainty around writedowns associated with its remaining conduit exposure and resulting capital position," analyst says. Says group's conduits are at risk of a writedown and no longer serve a purpose, and NAB may be better served by exiting the portfolio. "A writedown in combination with a A$2.5 billion-plus capital raising, to restore capital ratios above the top end of target range, would ultimately refocus sentiment towards the core franchise. However, until this uncertainty is removed, the share price is likely to underperform, in our view," analyst says. NAB last at A$23.60. (LMF)