The Westpac Banking Corp (ASX: WBC) share price has been outperforming the S&P/ASX 200 Index (ASX: XJO) so far this year. Though, it's not quite trading in the green.
Stock in Australia's oldest bank last traded at $21.53 – that's 0.6% lower than it started 2022. Meanwhile, the ASX 200 has dumped 11% year to date.
Looking further back, the Westpac share price has shed 32% over the last five years while the ASX 200 has gained 19%.
But could that be about to change? One top broker has tipped the Westpac share price to lift as much as 39% in the near future.
Keep reading to find out why many experts are bullish on the ASX 200 banking major.
Is now a good time to snap up Westpac shares?
The Westpac share price could be gearing up to take off, according to top brokers.
But not all experts are so hopeful. Let's start with the bears.
abrdn's Michelle Lopez has tipped the stock as a sell due to the broader banking landscape, Livewire reports. However, she dubbed Westpac a "turnaround story", saying it could be "the most efficient bank" if it's successful in taking major costs out.
Meanwhile, UBS is more optimistic. It has slapped Westpac's shares with a $26 price target – representing a potential 21% upside – and a neutral rating, as my Fool colleague James reports.
Other top brokers are far more bullish.
Morgan Stanley and Goldman Sachs both tip the stock as a buy, with the latter slapping it with a $26.55 price target in response to the bank's latest quarterly update.
Westpac revealed its capital, credit, and funding positions were all robust as of the end of June.
Indeed, Westpac is Goldman Sachs' "preferred exposure" to Australia and New Zealand's financial space.
Finally, top broker Citi is expecting the Westpac share price to surge in the near future.
The broker has a buy rating and a whopping $30 price target on the big four bank's stock – representing a potential 39% upside, as James reports.
It's expecting the bank stock to gain on the back of higher interest rates and strong liquidity. Rising rates typically allow banks to reprice their loans, thereby bolstering their net interest margins and profitability. The broker expects Westpac will realise major benefits from Australia's recent rate hikes in financial year 2023.
