Shares in CBA were back in the press yesterday after news from APRA that serviceability standards were being increased for mortgages. It’s clearly not good news for housing short term although arguably its only effectively bringing forward the inevitable rate rise as the RBA sticks to its 2024 timeframe for rate hikes in Australia. CBA shares after all the noise remain at the same level as they were back in mid-June, our view hasn’t changed during the 3-months choppy action.
MM believes CBA is fully valued over $110 and a buy around $96
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