The Commonwealth Bank of Australia (ASX: CBA) share price is deep in the red today, down 1.6% to $105.11 per share.
It’s not just CommBank sliding today though. The S&P/ASX 200 Index (ASX: XJO) is down 0.7% at time of writing.
Today – barring a miracle late hour rally – will mark the second day of losses for CommBank this week.
The CBA share price fell 0.3% on Tuesday, while posting gains of 0.6% on Monday, 1% on Wednesday, and 0.7% yesterday.
All together, this leaves CommBank shares up 0.2% since last Friday’s closing bell.
Buy, sell, hold?
Over the week, The Motley Fool reported on a number of broker recommendations regarding the CBA share price.
Coming out with a bearish view is Morgan Stanley. Morgan Stanley has a sell rating on the big bank with a price target of $90 over the next 12 months. That’s some 15% below the current price.
As my Foolish colleague James Mickleboro noted:
The broker notes that the tougher lending standards set by APRA could mean less Australian loans compared to if there had been no changes. That could be impactful on CBA in-particular because of how much of its profit comes from the Australian residential market.
On the bullish side of the coin for the CBA share price is Bell Potter, which has a buy rating and $118 price target.
As The Motley Fool reported:
Bell Potter likes CBA due to its strong position as the leader in home lending and retail deposits. It also notes that it has a very strong balance sheet with significant surplus capital. In addition, the broker sees opportunities to add value via SME banking, wealth management, and selective Asian expansion.
CBA share price snapshot
Despite today’s selloff, the CBA share price has strongly outperformed the benchmark in 2021.
CommBank shares are up 25% year-to-date, compared to a gain of 10% posted by the ASX 200.
Over the past month, CBA shares are up 2%.
The post What’s happening with the CBA (ASX:CBA) share price this week? appeared first on The Motley Fool Australia.
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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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