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Brokers are downgrading Bank of Queensland Limited

Shares in retail banking and insurance giant Bank of Queensland Limited (ASX: BOQ) are up marginally today to $10.64 despite brokers continuing to downgrade the stock.

Morgan Stanley has reduced second-half forecasts on the stock by 5 basis points due to greater front book competition and the expectation that loan losses will increase.

Morgan Stanley has an underweight rating on Bank of Queensland, reducing its price target from $11 to $10.30 saying the bank has a “revenue problem” some investors will be willing to bypass due to a robust dividend offering.

UBS has a sell rating on Bank of Queensland at present with its price target dropping from $12 to $9.80 as a result of a below-expectation half-year result.

Things have picked up in the overall banking sector of late, with big names such as Commonwealth Bank of Australia (ASX: CBA) booking some gains, with shares up slightly to $72.45 at the time of writing.

Westpac Banking Corp (ASX: WBC) shares were down during early trade, dropping to $28.70, with National Australia Bank Ltd (ASX: NAB) shares also down to $28.39 at the time of writing.

Banks are definitely considered blue chip stocks, check out these top 3 ASX Blue Chips To Buy In 2018

For many, blue chip stocks mean stability, profitability and regular dividends, often fully franked..

But knowing which blue chips to buy, and when, can be fraught with danger.

The Motley Fool’s in-house analyst team has poured over thousands of hours worth of proprietary research to bring you the names of "The Motley Fool’s Top 3 Blue Chip Stocks for 2018."

Each one pays a fully franked dividend. Each one has not only grown its profits, but has also grown its dividend. One increased it by a whopping 33%, while another trades on a grossed up (fully franked) dividend yield of almost 7%.

The names of these Top 3 ASX Blue Chips are included in this specially prepared free report. But you will have to hurry. Depending on demand – and how quickly the share prices of these companies moves – we may be forced to remove this report.

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Motley Fool contributor Carin Pickworth owns shares of Commonwealth Bank of Australia and National Australia Bank Limited. The Motley Fool Australia owns shares of National Australia Bank Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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