Citi analyst Andrew Coombs downgraded Lloyds Banking (LYG) to Neutral from Buy with a 60 GBp price target. Lloyds was the only UK bank to miss on pre-provision profit in Q2, hit by higher operating lease depreciation, and motor finance redress now looks set to remain an overhang until May 2025, the analyst tells investors in a research note. The firm says NatWest Group (NWG) is now its top UK bank pick, replacing Barclays (BCS).
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