NAB traded at multi-year highs on Thursday, yet analysts remain bearish about the bank and sector: Of the 15 recognised analysts who cover NAB, only 2 are calling it a “Buy”, with the highest price target of $35.69 less than 2% away. Our “best guess” where NAB will start to get tired is somewhere in the $37 region, but for now, we see no reason to follow the crowd and abandon the banks, although we will consider taking a little profit 5-10% higher.
- We see further upside for NAB with an ideal target ~$37 – MM is long NAB in our Active Growth and Active Income Portfolios.
MM is long and bullish towards NAB
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