The first quarter update was in line with expectations and Morgan Stanley notes National Australia Bank's performance was sound.

Revenue was up 1% versus the prior second half quarterly average and ahead of expectations. Expenses were higher than forecast but there is no change to FY24 guidance. Impairment charges and the CET1 ratio were broadly in line.

Equal-weight. Target $30.30. Industry View: In-Line.

Sector: Banks.

Target price is $30.30.Current Price is $33.33. Difference: ($3.03) - (brackets indicate current price is over target). If NAB meets the Morgan Stanley target it will return approximately -10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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