The CBA share price is trading near all-time highs. Should you cash in?

Have CBA shares run up too far?

Sebastian Bowen

Author Bio Sebastian Bowen has been a Motley Fool contributor since late 2018. Sebastian found his passion for writing and educating others about shares and all things finance after completing his studies in political, economic and social science and enjoys bringing this passion to life at the Fool. His investment philosophy is a simple one – buying high-quality companies at prices that make sense. When he’s not researching his next investment at all hours of the morning, Sebastian enjoys classic movies and likes to unwind with a good book, newspaper or record. Areas of Expertise Dividend investing ETFs Education Bachelor of Political, Economic, and Social Sciences (Government and International Relations), University of Sydney Social Media X/Twitter Favorite Investment Quote "In the short run, the market is a voting machine, but in the long run, it is a weighing machine." – Benjamin Graham

Published February 10, 2023 12:27 pm AEDT

It's turning out to be a disappointing end to the trading week for the S&P/ASX 200 Index (ASX: XJO) and ASX shares. At the time of writing, the ASX 200 has lost a nasty 0.8%, dragging the index down to below 7,440 points.

The Commonwealth Bank of Australia (ASX: CBA) share price hasn't escaped the pain either.

CBA shares are also suffering today. The ASX 200's largest bank share has endured a 0.46% decline so far this Friday, putting the bank down to $109.72 a share.

Even so, CBA remains very close to its most recent all-time high. It was only last Friday that CBA hit a new all-time record high of $111.43. In fact, CBA shares have hit a few new records over the past month or so, boosting it above $111 a share for the first time in the bank's long ASX history.

As it stands today, the Commonwealth Bank share price remains up an impressive 8.7% year to date in 2023 so far, as well as up by more than 9% over the past 21 months:

And even after this week's falls, Commonwealth Bank remains less than 2% away from this new all-time high.

So is it time to cash in on these gains? Or do CBA shares have even further to run?

A man in a suit smiles at the yellow piggy bank he holds in his hand. — Image source: Getty Images

Is it buy or sell for CBA shares today?

Well, broker Goldman Sachs is one ASX expert who reckons it's time to cash in. As we covered earlier this week, Goldman has a long-held sell rating on CBA shares.

This ASX broker reckons the bank is overvalued at the current share price and has a 12-month share price target of $92.56. If that came to pass, it would result in a potential downside of almost 16% from today's pricing.

And Goldman isn't the only expert who fails to find CBA shares appealing at present.

According to reporting at The Bull, Harrison Massey, advisor and broker at Argonaut, also rates CBA shares a sell today. Massey told The Bull that "the bank offers attractive defensive qualities. However, at recent levels, it may be prudent to trim exposure and pocket a profit".

So according to these two ASX experts, it might be time to take some profits with the CBA share price still trading near its record highs. But who knows what the future might bring for this popular ASX bank share.

At the current CBA share price, this ASX 200 bank has a market capitalisation of $186.1 billion, with a fully-franked dividend yield of 3.51%.

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