Lloyds Banking downgraded to Neutral from Outperform at Exane BNP Paribas

Exane BNP Paribas downgraded Lloyds Banking to Neutral from Outperform. Higher rates lift bank earnings, but at a certain level “this equation breaks down” and the market is “well past this point,” but U.K. domestic banks “back in the danger zone,” the analyst tells investors.