Broker moves: Woodside Petroleum, ANZ Bank, Nearmap

UBS dropped its price target for Woodside Petroleum (ASX:WPL) by 5 per cent to $32.90 and maintained its neutral rating. The oil major published the Independent Expert’s Report for its proposed merger with BHP’s petroleum arm, valuing it up to 19 per cent lower than UBS’ estimate. The fall in the price target is due to the broker’s reduced valuation for two oil fields in West Africa and Mexico. Shares are trading 1.2 per cent lower at $31.69.

Morgan Stanley downgraded ANZ Bank’s (ASX:ANZ) rating to equal-weight from overweight with a price target of $28.60. The broker cites several ongoing challenges including a weaker outlook in New Zealand with falling margins and lower non-interest income set to weigh on revenue this year. The broker believes that the bank has weaker volume growth compared to its peers, reducing its price target by 6 per cent to $28.60 from $30.30. Shares are trading 0.6 per cent lower at $27.54.

Macquarie downgraded Nearmap (ASX:NEA) to neutral from outperform with a target price of $1.40. The broker believes that the aerial imagery company is set to face headwinds penetrating the North American market for the claims insurance segment due to being late to the game. Macquarie cited that its competitor EagleView holds strong measuring technology patents compared to the company as Nearmap faces limitations on software integration. Shares are trading 0.7 per cent lower at $1.39.