The S&P/ASX 200 Index (ASX: XJO), as most investors would know, has had a bit of a wild time of it since February. It's actually been a positive six weeks since the end of the second month of the year. The ASX 200 has gained 7.85%, although this move upwards has come with some significant volatility.
For instance, the ASX 200 has swung from a 1% loss since the start of April to a modest gain. But the picture is a lot brighter for a major ASX 200 constituent – the Commonwealth Bank of Australia (ASX: CBA).
CBA shares have spent the past six weeks rising an impressive 13.74%. That's including the modest gain of 0.056% we've seen today. The CBA share price is $106.61 at the time of writing.
This pleasing gain has put CBA within a few dollars of its all-time high of $110.19 reached in November.
So, after this performance, ASX investors might be wondering whether it is too late to buy.
Well, let's see if ASX brokers reckon CBA shares are a buy or a sell.
Is the CBA share price a buy or a sell today?
Well, the news isn't good for CBA investors when it comes to current ASX broker opinion. As my Fool colleague James covered this week, one broker who reckons CBA is a sell is Citi.
The broker gives CBA shares a 12-month price target of just $90.75. This implies that the ASX 200 bank share has a slide of almost 15% in front of it over the next year. While Citi sees good things ahead for the ASX banking sector as a whole, it doesn't believe the current CBA share price is justified.
But it doesn't end there. As we covered earlier this month, broker Macquarie is also bearish on CBA shares. Macquarie has an underperform rating on the CBA share price, with a 12-month target of $90. That again implies a potential downside of around 15%. Macquarie reckons the bank's upcoming earnings report for FY2022 will disappoint. It's predicting margin pressures and slowing growth.
So that's the view of two prominent ASX brokers on CBA shares right now. Not exactly what you would call unbridled optimism. But, as always, we shall have to wait and see if these opinions turn out to be accurate.
CBA has a market capitalisation of $181 billion, with a dividend yield of 3.51%, based on today's share price.
