CBA gapped up +87c in the “Match” yesterday as Arbitrage players scrambled to buy the ASX’s largest stock. The country’s premier bank made fresh all-time highs last week, and although it’s trading on the expensive side, we wouldn’t be calling it a “Sell” as so many have over the last 6-months: of the 13 major brokers that cover the stock there is 1 Hold, 9 Sells and 3 Strong Sells = ouch! For growth, we prefer other “Big Four” members, ANZ and Westpac, ahead of their dividends in the coming weeks, but nothing’s going cheap in the ASX’s banking sector.
- We remain bullish on CBA, even if it screens expensively compared to its local and global peers: we hold CBA in our Active Income Portfolio.
MM remains long and bullish on CBA for income
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