from the same article...
Thirteen analysts, including Mr Cacho, have a “sell” or equivalent rating on CBA with an average price target of $90.57, a steep discount to its current price.
Mr Cacho said CBA was boosted by international confidence in the banking sector as global flows in the stock lifted over the holiday period. Barrenjoey analyst Jon Mott also said recently, “offshore institutional shareholding has increased to the highest on record” at 23.2 per cent in a note to his clients.
“If international investors are buying the bank, they will generally just buy CBA because it is the biggest bank down here,” Mr Cacho said.
He said while the valuation was stretched, he “did not see a credible reason for a re-rating” of the share price back to the average price target.
Results due on February 14
“If there is a big disappointment at results, that could spark something, but we think the results will be broadly OK. It is not well held by the Australian institutional base, so it isn’t susceptible to a massive correction,” he said.
This quote ringing in my ears as I keep rolling my puts and warrants
"
The market can stay irrational longer than you can stay solvent. " quote from economist John Maynard Keynes
glth & dyo
*short using options and warrants
(20min delay)