We mentioned earlier MM recently switched our NAB position to BOQ, in hindsight a touch premature but we still like the move into the regional player on 0.8x price to book. However while concerns around sector margins continue we can see BOQ struggling raising the question is WBC better value and risk / reward at current levels i.e. they’ve both endured painful pullbacks – one to ponder.
MM likes BOQ around $8 medium term
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