The National Australia Bank Ltd (ASX: NAB) share price was a relatively positive performer in September.
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What happened to the NAB share price in September?
Although the banking giant's shares gained just under 0.5%, this was actually much better than the S&P/ASX 200 Index (ASX: XJO). The benchmark index lost 2.6% of its value during the month.
Though, one slight disappointment is that the NAB share price was performing far more positively until market volatility hit.
In fact, NAB's shares were up as much as 4% to a 52-week high of $28.88 at one stage before ultimately giving back most of these gains.
What did brokers say last month?
Interestingly, NAB's shares were the subject of two very different broker notes last month.
At the very start of the month, the team at Ord Minnett upgraded NAB's shares to an accumulate rating with a $29.50 price target.
Based on the current NAB share price of $27.27, this implies potential upside of 8% before dividends.
And if you include the $1.36 per share fully franked dividend Ord Minnett is forecasting in FY 2022, this potential return stretches to ~13%.
That's not a bad return. Especially when you consider that the NAB share price is up a sizeable 19% in 2021.
What else was said?
Elsewhere, in the middle of the month, the team at Credit Suisse downgraded the company's shares to a neutral rating with a $28.50 price target.
The broker made the move largely on valuation grounds following a strong run by the bank's shares.
Credit Suisse believes NAB's improved operating performance is now priced into its shares. It also highlights that its shares traditionally trade at a slight discount to the rest of the big four. However, they were trading in line with them at the time of the broker's downgrade.
