0245 GMT - Citi analyst Thomas Strong gives a firm "no" to anyone wondering whether it's time to become more positive on Commonwealth Bank. He acknowledges that shares in Australia's largest bank have significantly underperformed relative to peers over 2025, but expects this to continue. Strong points out in a note to clients that Commonwealth was trading at a historically high 90% premium to its major rivals at the start of the year, compared with 15%-20% pre-Covid. That's now down to about 50%. However, he thinks that earnings momentum at ANZ, and to a lesser extent at Westpac, will keep up the pressure on Commonwealth's relative performance. Strong's order of preference for Australian banks is: ANZ, Westpac, NAB and Commonwealth. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

November 23, 2025 21:45 ET (02:45 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.