WBC – Merrill Lynch rates the stock as Buy, Low Risk

The broker has taken the opportunity to reiterate its Buy call on Westpac. The analysts seem to have had another look at the fundamentals in support of this call and all still seems in place. They do note, however, that the New Zealand operations may continue to disappoint. The year ahead is thought to deliver some 13% in total return and pending clarity on the CEO position may well be the trigger that ends the relative underperformance, the report suggests. Westpac remains the broker's top pick among the banks.

Read More