The Westpac Banking Corp (ASX: WBC) share price has been in sensational form again in 2021.
Since the start of the year, the banking giant's shares have risen 26.5% to $24.84.
This means the Westpac share price is now up almost 50% over the last 12 months.
What is the outlook for the Westpac share price?
In light of this strong gain, I thought I would look to see where analysts think the Westpac share price is going from here.
The good news is that there are a number of brokers that believe Westpac shares still have further to run.
One of those is Morgans. Last month the broker retained its add rating and $29.50 price target on the company's shares. Based on the latest Westpac share price, this implies potential upside of almost 19% over the next 12 months before dividends.
And with Morgans forecasting fully franked dividends per share of 112 cents in FY 2021 and 129 cents in FY 2022, the total potential return on offer stretches to around 23.5%.
Is anyone else bullish on Westpac?
Another bullish broker is Citi. Earlier this week the broker retained its buy rating and lifted its price target on the bank's shares to $30.00. This price target implies potential upside of almost 21% over the next 12 months.
A third broker that sees a lot of value in the Westpac share price is Goldman Sachs. It has a buy rating and $29.03 price target on the shares of Australia's oldest bank.
Goldman explained: "We reiterate our Buy on WBC given: The balance of risk to our earnings remains skewed to the upside, with our FY24E cost forecast about 10% above management's FY24E target of A$8 bn (on a like-for-like basis), which, if achieved, would drive our FY24E cash earnings up by c. 7%."
"Volume momentum appears to have been reinvigorated during the [first] half, while containing NIM pressures; The stock is trading more than one standard deviation cheaper versus the sector on PPOP multiples," it added.
All in all, Westpac shares may be outperforming in 2021, but these brokers believe the run can continue.
