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The Flight Centre Travel Group Ltd (ASX: FLT) share price has continued to hit the brakes in May.

While the travel market is in recovery mode, the company’s shares have taken a 12.5% dive since the beginning of the month.

At the time of writing, Flight Centre shares are down 1.49% to $19.81 for the day.

Flight Centre remains in top spot for open ASX short positions

The negative investor sentiment on the Flight Centre share price can be attributed to the slow recovery of the travel market.

This has ultimately attracted a large number of short sellers to the company’s registry.

Short selling is a common trading strategy that aims to profit from the fall in the price of a security. The goal is for an investor to borrow shares and sell them, then buy the shares back at a lower price for a profit.

Last week, the Australian Securities & Investments Commission (ASIC) released its short position report revealing the level of short interest within companies.

It found Flight Centre remained in the top spot on the ASX with 17.07% of its shares being heavily shorted by investors.

In comparison, the government body recorded a short interest of 10.19% in Flight Centre shares last year on 19 May.

Given the large increase in short positions being taken up, it appears investors believe the company’s performance could be underwhelming.

Flight Centre is forecasting a full-year underlying EBITDA loss of around $195 million to $225 million for FY22.

About the Flight Centre share price

Despite treading lower in recent times, the Flight Centre share price is up by 30% over the past 12 months.

It’s worth noting that Flight Centre shares hit a multi-year high of $25.28 in October 2021 before crashing back down. This is a stark increase to when the company’s shares were trading at the $15 mark in January 2022.

Based on valuation grounds, Flight Centre presides a market capitalisation of about $3.95 billion.

The post Why is the Flight Centre share price still attracting so much short interest in May? appeared first on The Motley Fool Australia.

More reading

• The Flight Centre share price has taken off 5% in a week. Is travel really ‘back, baby’?
• These are the 10 most shorted ASX shares
• Why is the Flight Centre share price among the ASX 200’s top performers today?
• These are the 10 most shorted ASX shares
• What’s boosting the Flight Centre share price on Monday?

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. 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 Flight Centre Travel 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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The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price is edging higher on Wednesday, currently fetching $10.64 apiece. That’s up 0.85% on the day so far.

As the market continues digesting a wave of macroeconomic pressures, bank stocks, such as Bendigo Bank and the likes, have been net-gainers in 2022.

Momentum behind the sector has helped the bank secure a 17% gain this year to date, reversing a difficult period of returns in 2021.

More brokers are constructive on Bendigo…

Analysts at Bloomberg Intelligence reckon that Bendigo is well positioned to increase profitability amid its recent portfolio management activities.

Bloomberg’s Matt Ingram and Jack Baxter wrote:

Bendigo and Adelaide’s ROE [return on equity] may remain higher than its 7% five-year average despite its ‘last in town’ positioning, due to efficiency gains and lower-than-peer funding costs from its 500-plus branch network.

Returns may stay below larger peers as a result of sector-low loans and deposits per branch, which curb branch revenues.

The 500-plus branch network could additionally help Bendigo’s return on assets (ROA) scoring, they said, and also “facilitates low-cost deposit gathering, bringing down funding costs to 0.4% vs. peers’ 0.6% average”.

Analysts at Macquarie are also constructive on the banking sector and rate Bendigo a buy on an $11 per share valuation.

Near-term catalysts might be the kind of tailwind that players like Bendigo need, they said, noting that the outlook on funding costs also seems brighter.

“While we continue to see risks to FY 2023 expectations with deposit costs starting to rise, banks appear in the sweet spot in the short term,” they wrote.

Yet sentiment is still mixed

Whilst around 36% of analysts covering the bank have it rated as buy, there’s still around 64% of coverage that rates it a hold, according to Bloomberg data.

The number of buy calls has crept upwards in the past two years though and the consensus of analyst estimates has the bank rated at $10.44 per share.

Drawing inferences from that data suggests that sentiment is still mixed on where the Bendigo and Adelaide Bank share price will head next.

In the last 12 months, the Bendigo and Adelaide bank share price has climbed 3.6%.

The post Can the Bendigo Bank share price surge in 2022 despite its ‘last in town position’? appeared first on The Motley Fool Australia.

More reading

• What is the current dividend yield on Bendigo Bank shares?
• Why does the Bendigo Bank share price often fare worse than the ASX big four in downturns?
• If you’d bought $10,000 of Bendigo Bank shares 10 years ago, guess how much you’d have now
• How big will the Bendigo Bank dividend be in 2022?

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. 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 positions in and has recommended Bendigo and Adelaide Bank Limited. 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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It’s another positive day for most ASX investors today, with the All Ordinaries Index (ASX: XAO) up a healthy 0.6% in afternoon trading.

While that’s a welcome boost, it pales in comparison to the smashing gains posted by three ASX mining shares today, all of which are up 20% or more.

So which ASX mining shares are rocketing?

We’re glad you asked!

This ASX mining share is up 20% today

The Minbos Resources Ltd (ASX: MNB) share price is up 19.5% at the time of writing to 6 cents per share, having earlier posted intraday gains of more than 23%.

Investors are snapping up shares in the mineral explorer after the company reported it will complete the definitive feasibility studies at its Cabinda Phosphate Project and its Capanda Green Hydrogen-Ammonia Project, both located in Angola.

The ASX mining share will use the $2.5 million it just received from ALS for its remaining interests in the Ambato Rare Earths Project, located in Madagascar.

Minbos CEO, Lindsay Reed highlighted the potential value of the hydrogen project, saying:

Our positioning with the Green Hydrogen-Ammonia Project puts the Company ahead of most, if not all, other ASX listed peers giving Minbos a significant time, infrastructure spend and power pricing advantage. These advantages cannot be underestimated.

The Minbos share price is now up 158% year-to-date.

Today’s second big gainer

The second ASX mining share shooting the lights out today is Greenstone Resources Limited (ASX: GSR), up 24.4%. to 5.6 cents per share.

The gold explorer appears to be getting a delayed boost from yesterday’s release announcing positive drill results from its 100% owned Burbanks Gold Project, located in Western Australia.

Greenstone reported that the ongoing drill campaign “continues to return multiple high-grade intercepts”.

Commenting on the strong gold results, Greenstone CEO, Chris Hansen said:

We are highly encouraged by these most recent results from Burbanks North, having returned multiple bonanza grade intercepts in quick succession which are in line with the historical underground production grades from the Burbanks Mining Centre.

Which brings us to…

Today’s top performing ASX mining share

Leading the charge higher is Conico Ltd (ASX: CNJ). Shares in the mining minnow are up an eye-popping 66.7% today to 4 cents per share.

The ASX mining share is primarily focused on cobalt, nickel, and manganese, but its share price appears to be moving for reasons unrelated to any new discoveries.

Instead, Conico reported this morning on the shortfall in subscriptions for its fully underwritten, pro-rata non-renounceable rights offer made to shareholders. That offer was fully written by Peloton Capital and closed on 18 May.

Conico stated:

Accordingly, upon completion of issuing of the new shares (and one for two free attaching options to acquire Shares at 2.6 cents each on or before 31 December 2026), the total amount raised (after the shortfall was placed) is $2,492,202

Despite today’s big lift, the ASX mining share remains down 2.5% year-to-date.

The post 3 ASX mining shares surging by more than 20% today appeared first on The Motley Fool Australia.

More reading

• Minbos share price rockets 21% on green hydrogen news

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 Scott Phillips.

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The All Ordinaries Index (ASX: XAO) is in the green on Wednesday, lifting 0.62%, helped along by these shares.

Interestingly, they’ve found themselves among the index’s leaders without uttering a single word to the market today.

Let’s take a look at the three All Ords shares leaping more than 4%.

3 ASX All Ordinaries shares taking off today

GQG Partners Inc (ASX: GQG)

Wednesday is proving to be an unexpectedly good day for the GQG Partners share price. It is currently 6.29% higher, trading at $1.61.

The last time the market heard price-sensitive news from the global asset management firm was on 19 May.

Then, it announced it will be paying investors approximately 90% of its first-quarter earnings in the form of a dividend valued at 2.09 US cents.

Interestingly, the company traded ex-dividend yesterday. Its share price dumped 1.95% during Tuesday’s session.

Nufarm Ltd (ASX: NUF)

Another All Ordinaries share recording notable gains for no apparent reason today is Nufarm. The agriculture chemical company’s stock is currently trading at $5.29, 5.91% higher than its previous close.

There’s been no news from the company today. However, it released a potentially upsetting announcement yesterday, seemingly spurring the market to bid its stock 14.55% lower.

The company disclosed that its largest shareholder, Sumitomo, had ditched its 15.9% stake in the company on Tuesday.

Thus, today’s gain could be a simple correction after yesterday’s sell-off.

Perseus Mining Limited (ASX: PRU)

The final ASX All Ordinaries share launching upwards is Perseus Mining. The company’s share price has lifted 4.53% to trade at $1.96 today.

The last time the market heard from the West Africa-focused gold miner was on Friday.

Then, it announced it had completed its acquisition of Canadian company, Orca Gold Inc.

The stock might also be getting a boost from the gold price which rose 1% overnight, according to CommSec.

The post 3 ASX All Ordinaries shares enjoying a Wednesday windfall appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: BHP and Pilbara Minerals shares tumble
• Here are the top 10 ASX shares today
• Why Nufarm, Sayona Mining, Tabcorp, and TechnologyOne shares are falling
• Here are the 3 most traded ASX 200 shares on Tuesday
• ASX 200 midday update: Nufarm, Tabcorp and TechnologyOne tumble

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. 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 Scott Phillips.

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One ASX mining share is easily outperforming the S&P/ASX 200 Index (ASX: XJO) on Wednesday.

The Talisman Mining Ltd (ASX: TLM) share price is surging 20% at the time of writing and is currently trading at 18 cents.

So why is this ASX mining share having such a good day?

Optimism from chairman

Talisman Mining shares could be rising amid a positive outlook from the company’s chairman and rich lister Kerry Harmanis.

Harmanis established West Australian nickel miner Jubilee Mines in 1987 before selling it off to Xstrata for $3.1 billion in October 2007. And now, Harmanis is confident Talisman is on the verge of a discovery. Speaking to the Australian Financial Review, Harmanis said:

We are well on our way. I’m very confident.

I’ll be staggered if we don’t find something, or two, this year. 

Talisman is exploring copper and gold at the Lucknow Gold project and Lachlan Copper-Gold project. The company also receives royalties from the Wonmunna Iron Ore Project in the Pilbara in Western Australia.

Harmanis is a substantial shareholder in the company, holding 33,859,138 shares — that’s an 18% stake in the company.

In a quarterly report released in late April, Talisman highlighted it received $1.24 million in royalties from the Wonmunna project in the quarter.

Since March 2021, Talisman has gained $5.35 million in royalty payments from the project. The Wonmunna mine is owned by Mineral Resources Limited (ASX: MIN).

Talisman has more than $8.2 million cash in hand as at the end of the quarter.

Share price snapshot

Talisman shares have dropped nearly 20% in the past 12 months, while they are up 12.5% year to date.

For perspective, the benchmark index has climbed 2% during the past year.

The ASX mining share has a market capitalisation of about $33 million based on its current share price

The post ‘I’ll be staggered if we don’t find something’: Why this tiny ASX mining share is surging 20% today appeared first on The Motley Fool Australia.

More reading

• After being stuck in the mud for 3 years, are CSL shares a buy today?
• Is Snap stock a buy after its spectacular fall from grace?
• Top brokers name 3 ASX shares to buy today
• Here’s why the Costa share price is shooting 8% higher today
• Why is the NAB share price having such a cracker of a day?

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 Scott Phillips.

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The CSL Limited (ASX: CSL) share price used to be one of the most seemingly bulletproof investments on the ASX. For years and years, it seemed CSL shares could only go up. And this was true for a time. CSL spent eight years from 2012 to 2020 rising from around $30 to over $300, finally topping out at roughly $336 a share in February 2020.

But the past three years have been a very different story for CSL shares. Since reaching the all-time high of $336 a share in February 2020, CSL has yet to reclaim that high. In fact, the company is today sitting at just over $273 a share at the time of writing. That’s a good 19% or so away from CSL’s high watermark. The first time CSL hit $270 a share, it was back in late 2019. That means that for almost three years, CSL shares have been stuck in the mud. On today’s pricing, the company remains down by 6.5% over the past 12 months, and down close to 8% in 2022 so far.

So is it winner to loser for CSL? Or does this meandering share price performance give investors a compelling buy case for CSL today?

Are CSL shares a buy today?

Well, ASX broker Citi reckons it’s the latter. As my Fool colleague James covered last week, Citi is currently a fan of CSL shares. It has given the ASX 200 healthcare giant a buy rating and a 12-month share price target of $335 – back to its old all-time high. The broker reckons that CSL will continue to benefit from improved plasma collections and “strong underlying demand” for its products.

But Citi isn’t the only fan of CSL shares right now. My Fool colleague Tony covered an ASX fund manager’s opinion on CSL this morning, and it was also a bullish one. Catapult Wealth portfolio manager Tim Haselum named CSL as one of the two ASX shares he reckons is a best buy now. Haselum pointed to CSL’s “lifesaving and non-discretionary nature”, as well as its track record in making lucrative acquisitions, for this optimism.

So that’s how two ASX expert investors are viewing CSL shares right now. The CSL share price has been stuck in the mud for a few years. But if these two investors are to be believed, it might just hit the road again soon.

At the current CSL share price, this ASX 200 healthcare share has a market capitalisation of $131.56 billion, with a dividend yield of 0.95%.

The post After being stuck in the mud for 3 years, are CSL shares a buy today? appeared first on The Motley Fool Australia.

More reading

• The best 2 ASX shares money can buy right now: expert
• ASX shares paid out a record $98b in dividends in the 12 months to March. Which are the star performers?
• Why has the CSL share price lagged the ASX 200 over the past week?
• 2 top blue chip ASX 200 shares to buy now according to experts
• Why I would invest $10,000 into these ASX shares today

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL Ltd. 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 Scott Phillips.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Snap (NYSE: SNAP) stock plunged in dramatic fashion on Tuesday, losing more than 43% of its value overnight. The catalyst that caused shares to crumble was a warning that the company’s second-quarter results would come in below its previously issued guidance, released just a month ago.

Factoring in today’s decline, Snap — the parent of social media site Snapchat — has now lost a stunning 84% from highs reached just last fall. Given its remarkable fall from grace, is Snap stock a buy?

Context matters

As with so many things, the answer won’t be the same for every investor but, in a case like this, context is important.

In a regulatory filing late Monday, Snap revealed that prevailing economic forces had turned south and the company was unlikely to live up to its previously released forecast.

“Since we issued guidance on April 21, 2022, the macroeconomic environment has deteriorated further and faster than anticipated,” the company said in a statement. 

A look at Snap’s recent results suggests that the company was facing tough comps related to its pandemic-fueled growth last year. For the first quarter (ended March 31), Snap generated revenue of $1.06 billion, up 38% year over year (on top of 66% growth last year). At the same time, the company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) swung to a positive, while its operating and free cash flow came in at $127 million and $106 million, respectively. 

Snap was guiding for year-over-year revenue growth in a range of 20% to 25% and adjusted EBITDA of between breakeven and $50 million. Now, however, the company is suggesting it won’t be able to deliver on those more modest returns.

Other metrics, however, suggest that its growth will continue, albeit at a slower pace. Daily active users of 332 million grew 18% year over year, while users engaged with Snaps Places and Snap Map offerings at twice the rate of the prior-year quarter.

History suggests that advertising is among the first things to go when companies rein in spending and the current downturn will likely be no different. Given Snap’s growing user base and increasing engagement, however, the stock looks like a steal at current levels even if it takes some time for the market to recover.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Is Snap stock a buy after its spectacular fall from grace? appeared first on The Motley Fool Australia.

More reading

• What’s happening with ASX 200 tech shares today?
• Why Snap stock cratered on Tuesday
• Here’s why ASX 200 tech shares are under pressure on Tuesday
• Snapchat share price dives 30% pulling Nasdaq futures lower

Danny Vena has no position in any of the stocks mentioned. 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 Scott Phillips.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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Many of Australia’s top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.

Three ASX shares brokers have named as buys this week are listed below. Here’s why they are bullish on them:

Pilbara Minerals Ltd (ASX: PLS)

According to a note out of Macquarie, its analysts have retained their outperform rating and $4.00 price target on this lithium miner’s shares. This follows news that the company’s fifth BMX auction received a winning bid of US$5,955 per dry metric tonne, which was well-ahead of Macquarie’s forecasts. Outside this, the broker notes that current lithium prices are significantly higher than its forecasts. This could lead to huge revisions to its earnings estimates if they don’t retreat. The Pilbara Minerals share price is trading at $2.79 today.

TechnologyOne Ltd (ASX: TNE)

A note out of Goldman Sachs reveals that its analysts have retained their buy rating but trimmed their price target on this enterprise software company’s shares to $13.30. This follows the release of a half-year result that beat on the top line but missed on the bottom line. Goldman has responded by upgrading its revenue estimates but trimming its earnings estimates due to softer margin expectations. But with its price target offering material upside, it remains bullish on the investment opportunity here. The TechnologyOne share price is fetching $10.20 today.

Wesfarmers Ltd (ASX: WES)

Analysts at UBS have upgraded this conglomerate’s shares to a buy rating with a $56.00 price target. The broker notes that Wesfarmers’ shares have come under pressure amid concerns over consumer spending due to higher inflation. However, the broker feels investors should be focusing on Wesfarmers’ non-retail businesses, such as WesCEF, which are performing very positively. Combined with its exposure to lithium, the broker believes these businesses could offset any weakness in the retail business. The Wesfarmers share price is trading at $46.87 on Wednesday.

The post Top brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: BHP and Pilbara Minerals shares tumble
• Pilbara Minerals share price falls despite record BMX auction
• Why I think the Wesfarmers share price is a buy right now
• Experts name 2 ASX dividend shares to buy
• 5 things to watch on the ASX 200 on Wednesday

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs. The Motley Fool Australia has positions in and has recommended Wesfarmers Limited. 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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The Costa Group Holdings Ltd (ASX: CGC) share price is launching upwards after the company’s management updated the market on its performance and outlook for 2022.

Costa has been hit with expected higher fertiliser, packaging, and export shipping costs. Though, it’s hoping to offset some of the expense with stronger pricing.

At the time of writing, the Costa share price is $3.16, 8.59% higher than its previous close.

Let’s take a closer look at the latest news from the grower, packer and marketer of fresh fruit and vegetables.

Costa releases performance and guidance update

The Costa share price is in the green after the company outlined its strong start to 2022 in its annual general meeting (AGM).

The company’s berry operations have been going well. Production reached record levels in China, though lockdowns in the nation challenged the business.

Back home, Tasmania’s latest berry season went better than 2021. That of North Queensland is also off to a strong start.

Pricing for Western Australian avocados started the year off on the wrong foot, but the transition from Shepard to Hass has brought more positive movements.

Finally, pricing and volumes for grapes have both bolstered this year, which happens to be a citrus ‘off year’. Only 1% of the company’s citrus crop has been harvested at this point.

Looking to the rest of 2022, the company expects its operating and growth capital expenditure to be in line with previous guidance.

Costa’s prior guidance of around $130 million of depreciation and amortisation expenses also stands. As does interest costs of around $38 million.

That reflects the impact of 2021 acquisitions and the renegotiation of leases taking effect late last year.

The company’s earnings before interest, tax, depreciation, material items and fair value movements in biological assets is still expected to be around $5 million higher this year.

Meanwhile, its net profit after tax (NPAT) (excluding certain items) is predicted to be $6.4 million lower.

Costa share price snapshot

Today’s gains haven’t been enough to boost the Costa share price back into the long-term green. Though, it’s still outperforming the S&P/ASX 200 Index (ASX: XJO) this year.

Right now, the company’s shares are trading at 4.29% higher than they were at the start of the year. Meanwhile, the index has slumped 3.54%.

Looking further into the past, however, things are different. The ASX 200 has gained 1.92% over the last 12 months, while the Costa share price has tumbled 25.3%.

The post Here’s why the Costa share price is shooting 8% higher today appeared first on The Motley Fool Australia.

More reading

• Why ALS, Costa, Superloop, and Worley shares are charging higher
• These ASX All Ordinaries shares have the greatest margin risks from surging inflation: UBS

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. 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 COSTA GRP FPO. 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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The National Australia Bank Ltd. (ASX: NAB) share price is zipping higher today despite no recent news from the company.

At the time of writing, the banking giant’s shares are up 2.54% to $31.88 apiece.

In contrast, the S&P/ASX 200 Financials (ASX: XFJ) is also in the green, climbing 1.14% to 6,615.7 points.

Although investors are currently upbeat, it isn’t the only major bank to see its shares tick up a notch.

The Commonwealth Bank of Australia (ASX: CBA) share price is lifting 1.5%, while Westpac Banking Corp (ASX: WBC) and Australia and New Zealand Banking Group Ltd (ASX: ANZ) have risen 1.78% and 1.2%, respectively today.

Let’s take a look at what’s driving NAB shares higher.

NAB shares on the rebound?

Positive investor sentiment is driving up the NAB share price as the market moves into a post-COVID recovery phase.

The bank’s shares briefly took a hit earlier this month following the broader sell-off on the ASX. However, with interest rates on the rise which will likely boost NAB’s revenues, bargain hunters have been swopping in.

A couple of brokers weighed in on the NAB share price around 3 weeks ago.

The team at JPMorgan raised its 12-month price target for the bank’s shares by 3% to $34.50 apiece. It appears that the broker believes that NAB is undervalued at the moment, with investors agreeing alike given the current share price.

On the other hand, analysts at Macquarie had a similar take, raising its rating by 4.6% to $34 Based on the bank’s share price, this implies an upside of roughly 6.6% from where it trades today.

NAB share price summary

Adding to its impressive gains, the NAB share price has accelerated by 20% in the past year.

It’s worth noting that at today’s prices, the company’s shares are trading above pre-COVID-19 levels.

NAB commands a market capitalisation of roughly $98.80 billion, making it the fourth largest company on the ASX.

The post Why is the NAB share price having such a cracker of a day? appeared first on The Motley Fool Australia.

More reading

• ASX shares paid out a record $98b in dividends in the 12 months to March. Which are the star performers?
• 3 reasons this broker thinks the NAB share price is great value
• Why Allkem, NAB, Pushpay, and Virgin Money UK shares are rising
• Has the NAB dividend been growing?
• 3 cheap ASX shares set to boom with higher interest rates: Wilsons

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. 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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