The Australian banks have been hit hard since some influential analysts reined in their forecasts for the “Big 4”, even after the recovery over the last few days the majors remain down more than 10% for June. MM is mildly underweight the sector which feels ok at present but using CBA as a yardstick we currently would be an accumulator around $85 and a seller in the $95 region.
MM likes CBA into fresh lows for 2022
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