Yesterday saw Australian regional bank BEN plunge almost 10% after disappointing investors on both the margin and cost front. MM has lightened our banks exposure into recent strength and while we are in no hurry to wade back into the sector another ~10% downside for BEN & / or Westpac (WBC) will be tempting – remember we are ultimately bullish bond yields which should create a tailwind for the sector.
MM might consider BEN closer to $9
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