National Australia Bank (NAB) has almost doubled since its COVID lows last March, while we are bullish the stock short-term a pullback towards $22 wouldn’t surprise – if this does unfold MM will be looking to increase our banking exposure. The Bank of Queensland (BOQ) exits its trading halt on Thursday and it will be fascinating to see where it opens i.e. last trade was at $8.41 but it raised $1.35bn at $7.35, we feel that any meaningful dip under $8 will provide a solid buying opportunity.
MM is bullish Australian banks through 2021.
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