NAB has been one of the key yardsticks for MM’s roadmap for the ASX200, and it’s kept us in good stead over the last year. The broking community has been turning their backs on the banks through 2024, but the sectors remained strong, ignoring all of the negative press – out of the 15 analysts who cover NAB, only 2 say BUY, whereas 6 say SELL or STRONG SELL. We think the bears have gone too soon; the stock is only 2% below its all-time high after paying an 84c fully franked dividend earlier in the month.
- We are targeting the $36-37 area for NAB, or 6-8% higher – MM owns NAB in our Active Growth Portfolio.
NB At this stage of the cycle, we are likely to consider taking part profit if/when our target is achieved.
MM is long and bullish NAB
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