This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
LLOY Stock
Lloyds Banking Group (LLOY)
Will shares fall back towards 47p lows or rally towards 88p highs?
Lloyds Banking Group (LLOY) is a hugely popular stock with our clients. The bank has the biggest mortgage book of any UK lender and so is intimately connected to the property market. Tanking house prices could be a disaster, which is likely partly priced in to shares right now. But as for Taylor Wimpey above, will house prices really fall that far given that supply must increase by so much to bring prices down? Investors will also be looking for comforting forward guidance and any update on dividends and other enticing titbits for shareholders – Lloyds delighted markets with a special dividend in February. Will it come bearing gifts again this time?
Reporting: Half-year results on 28 July
Broker Consensus: 48% Buy, 28% Hold, 24% Sell
Bullish: Mirabaud Securities, Buy, Target 102p, +85% (2 Feb)
Average 12-month target price: 62p, +13% (22 Jul)
Bearish: Bernstein, Underperform, Target 40p, -27% (6 Jul)
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Prepared by Michael van Dulken, Head of Research
