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Is it too late to buy Westpac Banking Corp (ASX:WBC) shares?

Since dropping as low as $27.24 in June, the Westpac Banking Corp (ASX: WBC) share price has managed to climb a solid 9% to $29.79.

Is it too late to buy Westpac shares?

I don’t think it is. Despite this solid recovery, the shares of Australia’s oldest bank are still down 11.5% from their 52-week high.

And while I wouldn’t necessarily expect them to race up to that level again any time soon, I do still see a lot of value in them at this level for patient investors that have little exposure to the banking sector already.

I’m not alone in thinking this. Here are what four bullish brokers have to say on Westpac as an investment:

According to a note out of Ord Minnett, it has an accumulate rating and $33.10 price target on its shares. While the broker expects pressure on retail margins from interest-only loans switching, it believes this has been priced in already.

Analysts at Morgans have an add rating and $35.00 price target on Westpac’s shares. According to the note, the broker felt its first-half cash earnings were in line with expectations and appeared pleased with cost savings from productivity initiatives.

A note out of the Macquarie Group Ltd (ASX: MQG) equities desk reveals that its analysts have an outperform rating and $33.50 price target. This buy recommendation was made largely on valuation grounds with the broker seeing a lot of value in its shares at their current level.

Goldman Sachs has a buy rating and lofty $36.60 price target on the bank’s shares. As well as being pleased with its half-year result, the broker believes that the bank’s superior pre-provision operating profit (PPOP) growth trajectory has not been reflected in its valuation. It has forecast Westpac to deliver PPOP growth of 6% in FY 2018 and 6.7% in FY 2019.

Foolish Takeaway.

While not all brokers are as bullish on Westpac and this is just a small selection of the notes out there, I feel the general consensus is that its shares are a good value at these levels. As such, I think they are a great option ahead of rivals Commonwealth Bank of Australia (ASX: CBA) and Australia and New Zealand Banking Group (ASX: ANZ).

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.