Morgan Stanley believes elevated trading multiples and investor confidence in the earnings outlook demand a good set of upcoming results from the major banks.

The bar for Commonwealth Bank remains high, but less so than in November. For the other majors, the broker thinks expectations are highest for Westpac, followed by ANZ Bank and National Australia Bank.

Equal-weight retained for ANZ Bank, target rises to $36.30 from $36.00.

Sector: Banks.

Target price is $36.30.Current Price is $36.59. Difference: ($0.29) - (brackets indicate current price is over target). If ANZ meets the Morgan Stanley target it will return approximately -1% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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