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Macquarie Research keeps Overweight rating on Australian bank sector, despite recent share price rally. "However, it is clear that negative price risk is increasing as valuations move higher without any material improvement in underlying conditions," analyst says. Still, expects that Aussie banks will be able to manufacture a soft landing for the Australian economy. Says investors should switch out of Commonwealth Bank (CBA.AU) and into ANZ Bank (ANZ.AU), says ANZ's valuations support further upside, and Asia strategy is looking more attractive due to gradual organic expansion and value-orientated M&A approach. Meanwhile, says CBA is looking fully valued on most measures, with limited likelihood of positive news in the near term.