Lloyd's: Credit Suisse upgrades stock
(CercleFinance.com) - In a note on UK global banks, Credit Suisse says that it is upgrading its rating of Lloyd's Banking Group from "neutral" to "outperform," maintaining its target price of 40 pence (33% upside).
"We think the de-rating from lower interest rates is largely over and the valuation at 0.6x TBV is attractive relative to still double-digit ROTE potential," the broker says.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
"We think the de-rating from lower interest rates is largely over and the valuation at 0.6x TBV is attractive relative to still double-digit ROTE potential," the broker says.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.