ASX 200 down 0.6%: Telstra upgraded, Webjet rated as a buy, Westpac update

Telstra Corporation Ltd (ASX:TLS) and Webjet Limited (ASX:WEB) are in the headlines on the ASX 200 on Wednesday. Here’s why…

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At lunch on Wednesday the S&P/ASX 200 Index (ASX: XJO) is giving back the majority of yesterday’s gains. The benchmark index is down 0.6% to 6,784 points at the time of writing.

Here’s what is happening on the market today:

Telstra shares upgraded

The Telstra Corporation Ltd (ASX: TLS) share price is rising today after being the subject of a positive broker note. According to a note out of Ord Minnett, its analysts have upgraded the telco giant’s shares to a buy rating with an improved price target of $4.05. The broker believes Telstra’s key post-paid mobile business is well-placed to benefit from the 5G rollout.

Webjet given buy rating

The Webjet Limited (ASX: WEB) share price is flat on Wednesday despite analysts at Goldman Sachs initiating coverage on the company with a buy rating and $7.36 price target. The broker believes Webjet is well-placed for growth when the travel recovery comes. It also sees opportunities for the company to make earnings accretive acquisitions and feels that its valuation is undemanding on a normalised basis.

Westpac update

This morning Westpac Banking Corp (ASX: WBC) announced that it is combining its Consumer and Business divisions into a new Consumer & Business Banking division. The new division will be led by the current Chief Executive, Consumer, Chris de Bruin. Guil Lima, the current Chief Executive, Business, will be leaving. The banking giant expects the combined division to drive the simplification of banking and help to reduce costs.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Wednesday has been the Unibail-Rodamco-Westfield CDI (ASX: URW) share price with a gain of almost 5%. This follows a similarly strong gain by the shopping centre operator’s European listed shares overnight. The worst performer has been the Corporate Travel Management Ltd (ASX: CTD) share price with a 6% decline after its CEO sold a large number of shares.

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited, Telstra Limited, and Webjet Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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