UBS analyst Jason Napier downgraded Lloyds Banking to Neutral from Buy with a price target of 61 GBp, down from 62 GBp. The bank’s earnings are “broadly stable” post Q2 results with rising net interest income and good payouts, but the stock trades at a premium to the sector and local peers, the analyst tells investors in a research note. The firm cites Lloyds’ “premium valuation” for the downgrade.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on LYG: