BOQ's Turnaround Faces Challenges -- Market Talk

Dow Jones04-18

0455 GMT - Bank of Queensland's turnaround will continue to be challenged by weak volume growth, competition, and the cost and execution risk associated with its multi-year transformation, say Morgan Stanley analysts in a note. They think the stock is fully valued, based on the investment bank's earnings growth and return-on-equity estimates. Regarding the Australian lender's 1H FY 2024 results, MS reckons there were no adverse surprises. While management has said that it expects revenue and margin pressure to moderate, the investment bank thinks a re-rating would require evidence that BOQ can address its legacy disadvantages by improving its deposit franchise and lowering its cost base. (alice.uribe@wsj.com)

(END) Dow Jones Newswires

April 18, 2024 00:57 ET (04:57 GMT)

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