Macquarie upgrades Westpac to "outperform"

The broker believes the market is overreacting to the possible impact over its margins to its mortgage business and that it will be a safe haven for investors in a slowing economic environment.

Macquarie Private Wealth recommends investors buy Westpac Banking Corporation following its underperformance lately, believing that the bank will have "safety appeal" as the economy slows later this year.

Macquarie thinks the bank's overweight position in retail and its high levels of capital will lure investors in a softening economic environment. 

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