latest ratings

NAB NATIONAL AUSTRALIA BANK LIMITED
Banks
Overnight Price:
$25.25
Citi rates NAB as Hold, Medium Risk (3) -

The broker notes that Q1 cash earnings of $1.1bn was a big step up from previous consensus levels, which Citi thinks will need to pull forward a recovery in impairment expenses.

The broker has moved to keep up by lifting EPS by 16% in FY10 and FY11 by 5%, however Citi does think that the stronger outcome was largely priced-in after the Westpac update earlier last week. Thus, despite the earnings upgrades, the Hold call is maintained.

Target price is $32.00 Current Price is $25.25 Difference:$6.75 - (brackets indicate current price is over target). If NAB meets the Citi target it will return approximately 27% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in September. Citi forecasts a full year FY10 dividend of 150.00 cents and EPS of 250.50 cents. At the last closing share price the estimated dividend yield is 5.94%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 10.08. Market Sentiment: 0.3
RBS Australia rates NAB as Buy (1) -

Target $30.99 (was $34.06). The bank's 1Q result was flat on the previous corresponding period, the broker noting the result was hurt by the business mix in the period.

Post the update the broker has cut its FY10 forecast by around 6% and this supports a cut to its price target.

Longer-term the broker expects the bank's growth profile will exceed its peers in FY11 and this sees it retains its Buy rating on the stock.

Target price is $30.99 Current Price is $25.25 Difference:$5.74 - (brackets indicate current price is over target). If NAB meets the RBS Australia target it will return approximately 23% (excluding dividends, fees and charges - negative figures indicate an expected loss).

The company's fiscal year ends in September. RBS Australia forecasts a full year FY10 dividend of 147.00 cents and EPS of 216.50 cents. At the last closing share price the estimated dividend yield is 5.82%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 11.66. Market Sentiment: 0.3