ANZ – Morgans rates the stock as Add

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ANZ Bank has announced additional remediation charges of $559m. Unlike National Australia Bank’s ((NAB)) recent additional charges, this does not relate to financial advice but rather to product reviews and fee & interest calculations.

Morgans reduces cash forecasts for earnings per share for FY19 by -8.0%. Add rating and $29 target maintained.

Sector: Banks.

Target price is $29.00.Current Price is $27.14. Difference: $1.86 – (brackets indicate current price is over target). If ANZ meets the Morgans target it will return approximately 6% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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