Yesterday saw WBC announce a substantial $1.3bn write-down on asset value & additional provisions for customer remediation, yet on a down day the stock only fell -1.65%. The banks have traded sideways for months and our view hasn’t changed – buy around $23 and sell around $28, the only likely tweak to these levels is when the stock trades ex-dividend in early November.
MM is bullish WBC eventually targeting $28
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