ANZ shares have been on a roll in 2023. Can it last?

Investors have been piling into this banking giant's shares in 2023. Is this a smart move?

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.

three businessmen high five each other outside an office building with graphic images of graphs and metrics superimposed on the shot.

Image source: Getty Images

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.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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