Morgan Stanley upgraded Lloyds Banking to Overweight from Equal Weight with a price target of 64 GBp, up from 60 GBp. The company has a cash-generative business and with a more seasoned book and over 20% market share, its pricing pressure is manageable, the analyst tells investors in a research note. The firm says that despite higher costs, a steeper yield curve, stronger mortgage flows and lower provisions drive 13.5% return on equity expectations for 2024.
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Read More on LYG:
- Lloyds Banking price target lowered to 65 GBp from 67 GBp at Barclays
- Lloyds Banking price target lowered to 41 GBp from 42 GBp at JPMorgan
- Lloyds Banking price target lowered to 67 GBp from 70 GBp at Barclays
- Lloyds Banking sees FY23 banking NIM above 310 basis points
- Lloyds Banking reports Q3 net income GBP 4.5B vs. GBP 4.48B last year
