Up 16% so far this month, is it too late to buy Westpac shares now?

The Westpac Banking Corp (ASX: WBC) share price has been in fine form this month.

Since the start of October, the banking giant’s shares have risen an impressive 16% to $23.90.

This compares favourably to the ASX 200 index and its 5% gain over the same period.

Is it too late to buy Westpac shares?

The good news for investors looking for banking sector exposure is that it may not be too late to jump onto the Westpac investment train.

That’s because a number of brokers believe the bank’s shares can chug along nicely over the next 12 months.

One of those brokers is Goldman Sachs, which earlier this week retained its conviction buy rating and $27.07 price target on the bank’s shares.

This price target implies potential upside of approximately 13% for investors over the next 12 months before dividends. The total return stretches to almost 19% if you include the fully franked 5.8% dividend yield that Goldman is forecasting in FY 2023.

The broker is bullish on Australia’s oldest bank due to its “strong leverage to rising rates given a relatively larger proportion of low cost deposits” and its “cost management initiatives.”

Is anyone else bullish?

But it isn’t just Goldman Sachs that believes Westpac shares can keep rising.

A recent note out of Morgans reveals that its analysts have an add rating and $26.68 price target on the bank’s shares. Whereas the team at Citi is even more bullish with its buy rating and $30.00 price target and UBS recently upgraded the company’s shares to a buy rating with a $27.00 price target.

All in all, the broker community appears to agree that the Westpac share price is trading at an attractive level ahead of its results next month.

The post Up 16% so far this month, is it too late to buy Westpac shares now? appeared first on The Motley Fool Australia.

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More reading

• Westpac share price trails ASX 200 big four following earnings dint
• Westpac share price on watch following $1.3b earnings hit
• 2 much-maligned ASX shares cheap enough to buy now: experts
• ASX 200 bank shares have had a stellar month. Here’s why this expert is now worried
• Could chasing high yields mean missing out on potentially top-notch ASX dividend shares?

Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. 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 recommended Westpac Banking Corporation. 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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