ANZ's New Bull Still Sees Valuation Gap to Peers -- Market Talk

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ANZ's New Bull Still Sees Valuation Gap to Peers -- Market Talk

Dow Jones01-15

2339 GMT - ANZ gains a new bull at Citi, where analyst Thomas Strong believes that the Australian bank's valuation remains relatively undemanding, despite its shares outperforming those of its rivals in 2025. Raising his recommendation to buy from neutral, Strong tells clients in a note that ANZ's re-rating relative to peers still has some way to go. He sees ANZ achieving A$800 million in productivity savings before it starts to realize synergies from its recent acquisition of Suncorp Bank. He believes there is significant valuation support from getting the cost base right, with the challenge of lifting revenue growth being addressed for a later date. Citi raises its target price by 8.9% to A$40.30. Shares are up 0.3% at A$36.48. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

January 14, 2026 18:39 ET (23:39 GMT)

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