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Downgrade Alert for Westpac Banking (WBK)

By Amy Schwartz

Westpac Banking (NYSE:WBK) was downgraded from Overweight to Neutral at JP Morgan today. The stock closed yesterday at $23.25 on volume of 244,000 shares, above average daily volume of 217,000.

Westpac Banking Corporation offers general and savings banking, including lending, deposit taking and payment services. Westpac also provides investment portfolio management and advice, unit trust and superannuation fund management, nominee and custodian facilities, insurance services, consumer finance, leasing, general finance, foreign exchange dealing and money market services.

Potential upside of 11.3% exists for Westpac Banking, based on a current level of $23.25 and analysts' average consensus price target of $25.87. The stock should find resistance at its 50-day moving average (MA) of $23.31, as well as support at its 200-day MA of $22.71.

In the past 52 weeks, shares of Westpac Banking have traded between a low of $19.83 and a high of $28.28 and closed yesterday at $23.25, which is 17% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.5%.

SmarTrend is tracking the current trend status for Westpac Banking and will alert subscribers who have WBK in their portfolio or watchlist when shares have changed trend direction.

Keywords: analyst upgrades/downgrades westpac banking

Ticker(s): WBK