Westpac gains favour with brokers

Along with Macquarie and JP Morgan, Deutsche Bank has upgraded its recommendation on Westpac to "buy", believing it will outperform in the short term.

Deutsche Bank is the third major broker to recommend investors buy Westpac in under a week, citing near-term positive catalysts for the bank's share price.

The broker lifted its recommendation to "buy" from "neutral" and lifted its price target by 50 cents to $33, above JP Morgan's lift to $32.67 yesterday and Macquarie's increase to $32 last Friday.

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