The Australian banking sector has been under rare pressure this week, although stalwart CBA has noticeably outperformed—note that it traded ex-dividend $2.50 ff on Wednesday. Australia’s largest bank and listed company delivered by far the best update from the banking sector this month, and the stock has held up accordingly. However, if we see ongoing weaknesses in ASX and US banks, CBA is unlikely to be immune to the waves of profit-taking.
- We like CBA if it gets dragged down another ~4% but see better value in Westpac in the $30-31 region.
MM likes CBA around $150
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