CBA has at times has been the backbone of this MM portfolio since we backed the Banking Sector at the height of the royal commission. Taking into account our medium term reflation / higher bond yield view the banks should continue to enjoy a macro tailwind into Christmas, and beyond. Our initial target for the current advance by CBA may only be ~12% higher but we shouldn’t forget the healthy fully franked dividend (s) along the way.
MM has been looking at a number of the banks at different levels over recent weeks although at this stage we’re not in a hurry to press the “buy button” but that may obviously change in today’s fickle market.
MM remains bullish CBA initially targeting ~$110
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