MARKETS SPECTATOR: Are bank stocks too dear?

Morgan Stanley’s Richard Wiles says bank stocks are "fully valued".

The largest Australian banks –  ANZ Bank, Commonwealth Bank, National Australia Bank and Westpac – have everything, Morgan Stanley analyst Richard Wiles says.

Their earnings risk is modest, he says. “Their dividends are safe and their yields look attractive,” Wiles adds. But the stocks are too expensive, or in Wiles’ words, “fully valued”.

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