Analyst cuts forecast for NAB

UBS banking analyst Jeff Emmanuel has cut his dividend forecast for National Australia Bank by 9 cents to $1.63 for the 12 months to September 2004. However, Emmanuel's forecast is not in line with most analysts who have forecast an increase on 2003's payout of $1.63 – to around $1.72. NAB has not issued a dividend forecast itself but a spokesman said it accepted the market consensus. Emmanuel also reduced his estimate for NAB's earnings a share for the year to September 2005, down 7 cents to $2.79, following NAB's failure to buy back shares issued under its dividend reinvestment plan.