The Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price has been a strong performer over the last six months.
During this time, the banking giant's shares have rallied a whopping 57% higher.
Is it too late to buy ANZ shares?
According to a note out of Goldman Sachs, the ANZ share price could still be going a little higher from here.
This week the broker upgraded the bank's shares to a buy rating with a $29.00 price target.
Including the $1.25 per share dividend that the broker expects the bank to pay in FY 2021, this implies a potential total return of 6.5% for ANZ's shares.
What did Goldman say?
Goldman Sachs made the move for a number of reasons. This includes its balance sheet strength and its net interest margin (NIM).
It explained: "We upgrade ANZ to Buy given: (i) still solid balance sheet momentum, (ii) its 1Q21 trading update highlighted it was well positioned for the current NIM environment,( iii) we think the update on its cost targets expected at its 1H21 result could provide a further catalyst for re-rating, and (iv) our revised A$29.01 TP offers 14% TSR [at the time] and the stock is trading at a 21% discount to peers (9% historic average)."
Can the ANZ share price go even higher?
Goldman Sachs isn't the only broker that believes the ANZ share price can go higher.
Analysts at Morgans currently have an add rating and $31.00 price target on the bank's shares.
In addition, the broker is forecasting a $1.45 per share dividend in FY 2021. Based on this and the current ANZ share price, its shares could provide investors with a total return of 14% over the next 12 months.
All in all, while the ANZ share price has rallied strongly over the last six months, the run may not be over.
