The National Australia Bank Ltd (ASX: NAB) share price has been pushing higher in recent weeks.
Since this time last month, the banking giant's shares have risen almost 8%.
Can the NAB share price keep rising?
The good news is that it may not be too late to invest, with a number of brokers believing the NAB share price can still rise from here.
One of those is Macquarie Group Ltd (ASX: MQG). This week the broker retained its outperform rating and lifted its price target on the bank's shares to $29.00.
Based on the current NAB share price of $27.63, this implies potential upside of 5% over the next 12 months before dividends. And if you include them, the total potential return on offer stretches to almost 10%.
What did Macquarie say?
According to the note, Macquarie was pleased with NAB's third quarter update.
It notes that the bank is managing its margins much better than its rivals. It also estimates that it is winning market share across most lending categories.
Is anyone else bullish?
Another broker that is feeling bullish on the NAB share price is Goldman Sachs.
It was also pleased with the bank's third quarter update and notes that its quarterly cash earnings of $1.70 billion is run-rating 11% ahead of what it was expecting in the second half.
In light of this, it has upgraded its earnings estimates to reflect this stronger than expected third quarter. This led to the broker retaining its conviction buy rating and lifting its price target to $30.62.
NAB continues to be Goldman's preferred sector exposure due to its cost management initiatives, excellent margin management, its position as the largest business bank, and its strong capital position.
All in all, NAB shares may be up 20% year to date, but this may not be the end of their gains according to these brokers.
