BUZZ-Citi raises price target for Australian lender Westpac

Reuters05-07

** Brokerage Citi raises price target on Australian lender Westpac Banking Corp to A$24.75 from A$22.25

** However, maintains a "sell" rating

** Australia's No. 3 lender boosted its buyback programme by A$1 billion ($662.30 million) and declared a special dividend on Monday, citing a strong balance sheet, despite a 16% slump in first-half profit

** Citi says the buyback and special dividend trend will continue; forecasts two further special dividends of 15 AU cents apiece as well as A$1.0 bln-A$1.5 bln of further buybacks over 2H24 and 1H25 period

** Citi notes Westpac's core net interest margin, excluding the volatile items, has remained stable for six months and ahead of its peers

** 3 of 13 analysts rate the stock "buy", 4 "hold" and 6 "sell" or lower; their median PT is A$23.58 – LSEG data

** Stock has risen 18.43% this year, as of last close

($1 = 1.5099 Australian dollars)

(Reporting by Poonam Behura in Bengaluru)

((Poonam.Behura@thomsonreuters.com;))

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