It's been a rough week for shareholders of Commonwealth Bank of Australia (ASX: CBA).
While the stock traded at a high of $86.47 on Friday last week, it has since declined by 4.1% to be changing hands for $82.89. By comparison, Australia and New Zealand Banking Group (ASX: ANZ) – the second worst performing bank over the week – has dropped 3.3% while the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has fallen just 2.7%.
Bell Potter recently raised its price target on the stock by 7% to $92.50 per share, implying an upside potential of 11.6% from today's price. While the bank could certainly continue its ascent in the near-term, the stock is already significantly overpriced meaning that it could struggle to climb at a market-beating pace in the long term.
Although the stock has retreated slightly over the last week, this does not seem like a good buying opportunity and long-term focused investors ought to consider other high yielding alternatives instead.
