Bank shares trading range for 2026
You mention that MM is targetting new highs for ANZ and WBC this year. Why is this and what range are you targetting for both these companies? Also. what is your view on the NAB share price range this year and why?
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Answer
Hi Angela,
Firstly, it’s not an overly big call, our ideal targets are ANZ ~$39 and WBC ~$42, around 7% higher in both cases. In terms of NAB, a test of $45-46 would fit our technical view, again ~7% higher.
The core view is we are bullish equities through 2026 and the ASX rarely goes up without the banks. From an economic perspective banks usually rally early in hiking cycles and sell off when cuts or recession fears appear. The market expects the RBA to hike rates twice this year after small cuts in early 2025, as Thursday’s employment data showed the Australian economy remains robust which should help the banks at least this year – hence the call for modest gains.
