Market/sector heavyweight CBA has led the banks higher, posting fresh all-time highs last week following another strong result. While it keeps delivering, we see no reason to fight the trend, even if it is clearly on the expensive side. If/when we see a pullback across the sector, which may have started, Australia’s largest bank and company is likely to be on underweight fund managers shopping list.
- We can see CBA testing $150, but this is a bank we would consider buying into weakness: MM holds CBA in its Active Income Portfolio.
MM is long and bullish CBA
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