Australian Megabank Stock CBA Rallies 37% With No Buy Rating
- CBA has outperformed, making it most expensive megabank stock
- The shares are ‘in mesospheric territory,’ Jefferies says
The Commonwealth Bank of Australia’s head office in Sydney.
Photographer: Brendon Thorne/BloombergThis article is for subscribers only.
Equity analysts can’t seem to figure out Commonwealth Bank of Australia.
It’s the only bank in the world worth more than $100 billion that has zero buy recommendations. Yet the stock has surged 37% since it lost its last positive rating in August 2022, reaching a succession of record highs and outperforming gauges of peers.