I'd put at least $32 on it over the next 6 months myself given...

I'd put at least $32 on it over the next 6 months myself given the forward earnings, cost cutting program which will likely lead to a significant earnings jump over the next 2 years, in addition to gross dividend of over 7% and low interest rate environment. If you factor in an ongoing search for yield, $34 within 12 months is not out of the question.

I suspect that today was more about switching to NAB, CBA and WBC. NAB because it reports tomorrow and looks like where some of Westpac's market share has been going, CBA for the market share they are continuing to pick up (despite the ridiculous price. Great business, but well overpriced in my view), and WBC because it looks like it has more 2 year price upside given lower forecast P/E largely due to their massive headline cost cutting drive and more scope for improvement in other areas. We will see how NAB is going tomorrow to give us a clear comparative view. NAB, ANZ and WBC are all good buys in my view. WBC probably has the most upside longer term as they get back on the rails but ANZ is a tight well run ship and it looks like NAB are probably doing quite well in Business and Institutional banking.