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Citigroup lowered its rating on Australia and New Zealand Banking Group (ANZ) to hold from buy after Australia's third-biggest bank unveiled lower-than-expected earnings.
"An earnings miss, a surprise capital raising and consequential downgrades to consensus estimates seem likely to keep ANZ off the buy list for a while," Citigroup said a report. Citigroup lowered ANZ's target price to A$31, still above ANZ's last traded price of A$29.96.
