Here’s what might happen to the NAB share price in FY2023

A young woman wearing a red and white striped t-shirt puts her hand to her chin and looks sideways as she wonders whether to buy NAB sharesA young woman wearing a red and white striped t-shirt puts her hand to her chin and looks sideways as she wonders whether to buy NAB shares

Investors in National Australia Bank Ltd (ASX: NAB) over the past 12 months or so might be feeling lucky today as we put the 2022 financial year behind us.

FY2022 was not kind to ASX bank shares, or ASX shares in general for that matter. The financial year just gone saw the S&P/ASX 200 Index (ASX: XJO) lose 10.19% of its value. But several ASX bank shares did far worse.

Take Australia and New Zealand Banking Group Ltd (ASX: ANZ). Its shares went backwards by a painful 21.74% over FY2022. Commonwealth Bank of Australia (ASX: CBA) shares fared slightly better than the index, losing 9.5%.

But the NAB share price was a standout performer, gaining 4.46% for the financial year just gone. That makes it the best performing big four bank of FY2022.

But now that FY2022 is in the rearview mirror and FY2023 has begun, what are the experts saying about the NAB share price today?

Is the NAB share price a buy for FY2023?

Well, in some further good news for NAB investors, opinion seems consistently positive on the bank.

As discussed last weekend, one broker who is bullish on NAB shares right now is Goldman Sachs.

Goldman has recently reaffirmed a conviction buy rating for NAB shares with a 12-month share price target of $34.26. That’s a good 22% or so from where the bank sits today.

Goldman likes the look of NAB’s balance sheet and is also pencilling in a healthy dividend hike for FY2023 to $1.68 in dividends per share.

But Goldman Sachs is not the only ASX broker who likes the look of NAB shares for FY2023. As my Fool colleague Tristan covered just this week, brokers at Macquarie are also eyeing off the NAB share price.

Macquarie currently has NAB as its preferred ASX bank share. It has given NAB an outperform rating as well as a $29.50 share price target.

The broker is neutral on ANZ shares as well as Westpac Banking Corp (ASX: WBC) shares. Its least preferred bank is CBA, with an underperform rating.

So it looks as though broker opinion is rather bullish on NAB shares. No doubt that will be the cherry on top for investors, who have already been gifted with a marked year of outperformance by NAB.

At the current NAB share price, this ASX 200 bank share has a market capitalisation of $89.49 billion with a dividend yield of 4.99%.

The post Here’s what might happen to the NAB share price in FY2023 appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen has positions in National Australia Bank Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs. The Motley Fool Australia has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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