The Australia and New Zealand Bank Group Ltd (ASX: ANZ) share price was a strong performer on Wednesday.
Its shares were the best performers among the big four banks with a gain of almost 3.5% to $23.46.
Why did the ANZ share price have a stellar day?
There appears to have been a couple of catalysts for the strong ANZ share price performance today.
A recent note out of Credit Suisse could be helping boost the ANZ share price.
According to the note, the broker has an outperform rating and $29.25 price target on the bank’s shares. This implies potential upside of 25% for investors even after today’s gain.
Credit Suisse believes that ANZ will be an early beneficiary of a quicker and more aggressive interest rate rise cycle.
It is for this reason and its strong business banking exposure, that makes ANZ Credit Suisse’s top option for investors in the space. Particularly given its compelling valuation.
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