Lloyds Banking downgraded to Equal Weight from Overweight at Morgan Stanley
The Fly

Lloyds Banking downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley downgraded Lloyds Banking (LYG) to Equal Weight from Overweight with a price target of 65 GBp, down from 70 GBp. Post the appeals court judgment on Friday, the firm increased its base case for the Motor Finance litigation charge from GBP 1B to GBP 2.1B. It could take several quarters before there is clarity, and this may affect buyback expectations, the analyst tells investors in a research note.

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App