Jefferies lifts National Australia Bank PT with focus on cost outlook

** Analysts at Jefferies raise price target for National Australia Bank NAB.AX to A$46.08 from A$45.71, reiterate "buy" rating

** Jefferies increases FY26 EPS estimate for Australia's top business lender by 1%, lowers EPS outlook by 2% for FY27

** Brokerage says during the annual results, the focus will be on the FY27 cost outlook and the timing of benefits from a nearly 6% workforce reduction and signs of further SME deterioration

** Forecasts H2 NIM flat for NAB, compared with the previous half, signalling an improvement in Q4

** Jefferies expect about 3-4% gross savings from the 6% job cut, reducing estimated recurring cost growth in FY27 to nearly 2%

** NAB down 7.3% YTD