In morning trade the Australia and New Zealand Banking Group (ASX: ANZ) share price is mostly flat at $30.14.
According to one leading broker, this might be the best that investors can expect from its share price performance today.
What happened?
This morning a research note out of Citi revealed that its analysts have downgraded the bank's shares following its full-year results release yesterday.
According to the note, the broker has downgraded ANZ from a buy to a neutral rating and cut the price target on its shares to $30.00.
Citi was disappointed with ANZ Bank's cash earnings result and that it was only a drop in bad debts which allowed the company to deliver a result in-line with the market's expectations.
Furthermore, its analysts have concerns over its institutional division and believe it is a structural disadvantage for the bank.
Should you sell?
Citi's neutral rating is the equivalent of a hold rating, which is exactly what I think ANZ, Westpac Banking Corp (ASX: WBC), and the rest of the big four banks are today.
Because of this I wouldn't be a seller of its shares if I already owned them, but I certainly wouldn't be a buyer if I didn't own them already. Not unless there was a reasonable pull back that provided a decent margin of safety.
