As we touched on earlier MM likes the banks as a number of them trade into their dividends e.g. ANZ is forecast to pay a 75c fully franked dividend on the 10th of May which puts the stock on a projected 5.7% yield. We are looking for 12-15% upside in the stock over the coming weeks hence MM is considering allocating 5% of our Flagship Growth Portfolio into ANZ looking to fund the purchase with our CBA holding later next month – the colloquial term in the industry is “legging a switch” to add some alpha / performance.
MM is bullish ANZ targeting $30
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