Vanquis Banking upgraded to Hold from Sell at Canaccord

Canaccord upgraded Vanquis Banking to Hold from Sell with a price target of 123 GBp, down from 318 GBp. A moderation of new lending and GBP 60M cost savings plan were announced in October and a full strategy review should be completed by January, following which a CMD is planned for March, notes the analyst, who says that a “strategy reset, a credible financial plan and, importantly, delivery on that plan are critically required from the new management team.”