Lloyds Banking initiated with a Hold at Berenberg

Berenberg initiated coverage of Lloyds Banking ADRs with a Hold rating and $2.75 price target. While the bank’s underlying margin and growth prospects have improved, this support is being tempered by non-banking interest expenses, the analyst tells investors in a research note. The firm continues to believe that Lloyds’ past loss of market share in mortgages may impede its future growth.