ANZ has been the standout local bank having delivered a solid 3Q26 trading update here, and we simply see no reason not to be long the bank that’s executing best, especially with its relatively low housing exposure. It’s still the cheapest of the Big Four local banks, which we do not feel is warranted under Nuno Matos; it’s a legacy issue that’s slowly being addressed by this year’s outperformance.
- We can see ANZ punching to new highs above $41 into 2027, or ~5% higher.
MM is long and bullish towards ANZ
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