In a review of Australian banks, Macquarie sees better relative prospects for ANZ Bank and National Australia Bank ((NAB)) than retail overweight banks.

Were conditions to improve for ANZ Bank's institutional business, a historical headwind may turn into a tailwind, explains the analyst. Higher cash rates than peers should also be a benefit, says the broker. The Outperform rating and $30 target price are maintained.

Sector: Banks.

Target price is $30.00.Current Price is $27.30. Difference: $2.70 - (brackets indicate current price is over target). If ANZ meets the Macquarie target it will return approximately 9% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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