HSBC downgraded NatWest Group to Hold from Buy with a price target of 260 GBp, down from 340 GBp. The analyst sees more margin pressure for 2023 and, in contrast with consensus estimates, thinks margins will decline in 2024. Margin slippage, the weak macro environment and the general election will weigh on NatWest shares, the analyst tells investors in a research note.
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