Brokers upgrade NAB outlook

Goldman Sachs JBWere and UBS have upgraded their recommendations on National Australia Bank following the appointment of John Stewart as CEO. Goldman's lifted its rating from ‘underperform' to ‘market perform' on the basis of positive short-term sentiment which should underpin NAB's share price. The broker recommended that investors take profits in any price rise to $32.50. UBS lifted its rating from ‘neutral' to ‘buy' with a price target of $35.00 over 12 months. Credit Suisse First Boston was more cautious, however, and its recommendation remains neutral. NAB shares fell eight cents to $30.94 yesterday.