UBS takes positive view on Aussie banks
UBS has started research coverage on major banks with a positive view on the sector.
The broker sees about 10% share price upside across the sector, noting that the banks are "defensive in a volatile and uncertain market."
Westpac was its top pick and highest conviction Buy rating is on Westpac, where it saw 23% share price upside to $25 over 12 months, ahead of its update this morning.
UBS also has Buy ratings on ANZ and NAB, seeing 13% and 12% upside to respective 12-month targets of $30 and $30.50, but was Neutral on CBA with a $95 target.
"Top down, the base case set-up for the banks is strong, with tailwinds from an improving macro backdrop and gradually rising interest rates supportive of accelerated topline revenue growth and expanding return on equity," UBS says.
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