Well, it's happened again. Commonwealth Bank of Australia (ASX: CBA) shares have once again hit a new all-time high, this time over $180 a share.
CBA shares closed at $178.64 each yesterday afternoon. But this morning, those same shares opened at $179.04 before climbing as high as $181.39 during intraday trading. That's, you guessed it, the new all-time high for the ASX 200 bank stock.
At the time of writing, CBA shares have cooled off a little, but still remain up a healthy 1.21% at $18.80 each. The broader market is also having a strong day, although not quite as enthusiastically as the ASX's largest stock. At present, the S&P/ASX 200 Index (ASX: XJO) has climbed up 0.8% and is back over 8,500 points. Not too far off its own record high of 8,615.2 points, it must be said.
It was only back on 21 May that we were discussing CBA's most recent milestone. That saw the bank blow past $175 a share, bypassing its previous 2025 record of $165. It's hard to imagine today, but it was only at the start of last year that CBA was going for what was then a record high of roughly $112.
2024 saw CBA blow past $120, $130, $140, $150, and finally $160 a share, with the bank recording an astonishing 2024 rise of approximately 40%.
This trend has evidently continued with gusto in 2025, with CBA shares today sitting on a year-to-date gain of 17.7%. That's well above the broader market's 4% or so rise.
Image source: Getty Images
$180 each: What's next for CBA shares
Today's new high is accompanied by a special milestone, though. It is the first time CBA, or any ASX share, has been valued with a market capitalisation of over $300 billion. Yep, as it currently stands, CBA is worth an extraordinary $302.5 billion.
Given the trajectory this ASX share has been on over the past 18 months or so, it might seem obvious that $190 and then $200 a share is next. That well might be the case. Nothing's ever certain on the markets, after all.
However, it's worth noting that, as they have been for a while now, ASX experts are united in their view that CBA shares are dangerously overvalued at their current levels.
To illustrate, last month, my Fool colleague James discussed how ASX broker Citi gave CBA a sell rating, with a share price target of just $100. Brokers at Macquarie were equally bearish, giving the bank a target of $105.
Here's some of what they told clients:
Despite a consistent and reasonably positive trading update, CBA remains expensive, trading at a ~26x FY25E P/E and a ~45-90% premium to peers. While we appreciate de-rating lacks near-term catalysts, we do not think the current valuation is fundamentally justified.
Of course, we've heard this all before, yet CBA shares continue to charge higher. Let's see if the bank hits $190 a share next. You'll hear it first here if it does.
