ANZ

UBS has the following ratings for MIG, CSL, PBL and ANZ. ANZ Buy 1 rating with target of $30.00. MIG Buy 1 target $4.30, PBL with a Neutral 1 and target of $18.65 and CSL with Neutral 2 and target of $49. Check your charts!

Following ANZ’s AGM on Friday, Macquarie Research Equities (MRE) have upgraded their FY06 EPS numbers by 0.5%, to reflect the improvement in New Zealand margins and the improvement in the outlook for the bank’s wealth management division. ANZ is MRE’s preferred stock in the sector as (1) NZ pressures easing, (2) the bank’s Australian and institutional businesses are targeting double digit growth (3) the stock is trading at a 7–8% discount to its peers, and (4) its share price offers 7% upside against MRE’s 12-month target price.

[ANZ] UBS Buy 1– A$23.26 Target: A$27.00: More positive outlook commentary

At ANZ's AGM it stated "We are seeing a similar rate of growth in earnings in the first two months of 2006 to that which we experienced in 2005 and our current expectation is that this will continue for the balance of the year". Management appears more comfortable with the earnings outlook than with its previous FY result comments of "continued good results in the year ahead".

Growth expected in NZ. Margin contraction less than 2005