Although ANZ Group Holdings Ltd (ASX: ANZ) shares have just ended the day 0.5% lower at $25.18, they are still up over 6% since the start of the year.
This means the banking giant's shares are now up over 20% from their June low or $20.78.
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Can ANZ shares keep rising?
The good news for investors is that a number of brokers still see value in ANZ shares at the current level. This could mean that there's plenty more gains to come over the remainder of 2023.
For example, a note out of UBS this morning reveals that its analysts have reiterated their buy rating and $30.00 price target. This implies potential upside of 19% for investors between now and this time next year.
UBS isn't alone with its positive view. Citi is a fan and currently has a buy rating and $29.25 price target on its shares. The broker is also expecting a decent increase in the ANZ dividend both this year and next.
In FY 2023, it expects a 20 cents per share increase to $1.66 per share. Whereas in FY 2024, it has pencilled in an increase to $1.76 per share. Based on the current ANZ share price, this implies fully franked dividend yields of 6.6% and 7%, respectively.
Finally, another note out of Credit Suisse from last month reveals that its analysts have an outperform rating and $29.00 price target on ANZ's shares, implying potential upside of 15%.
All in all, ANZ shares may have started the year strongly, but analysts appear to believe the party could only just be getting started.
