WBC also rallied strongly on Wednesday in the wake of BOQs result finally closing up over 3.7% – our research lead Shawn discussed WBC on Ausbiz on Tuesday calling it higher into Christmas while paying an attractive 61c fully franked dividend along the way – “not a bad return in today’s environment”. We also had UBS upgrade Westpac (WBC) to a buy last week & this morning CLSA has joined party with a buy & $25.90 price target. We believe the market is underweight the banks leaving them very susceptible to rallies on ‘less bad’ news.
- We remain bullish WBC initially targeting the $24 area, plus it trades ex-dividend this time next month.
MM remains bullish WBC initially targeting ~$24
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