Deutsche Bank Comments on UK banks, Upgrading Lloyds (LYG) to Hold and Making Barclays (BCS) a Top Pick
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Deutsche Bank comments on UK banks, upgrading Lloyds (NYSE: LYG) from Sell to Hold and making Barclays (NYSE: BCS) their Top Pick.
Deutsche analyst says, "Better positioned from a capital perspective, still avoiding credit risk...Yesterday's announced capital raises by Barclays, HBOS, Lloyds TSB and RBS (NYSE: RBS) adds ~3% to the sector tier one ratio and reduces short term balance sheet fears in our view. But, however useful the incremental capital and government funding guarantee is, we still expect a UK recession, leaving EPS forecast risks to the downside for the sector...Despite factoring in substantially higher UK domestic loan losses we have not yet assumed losses in line with those seen in 1992. To do so would reduce UK bank earnings by an average of 40% (HSBC 22%, Barclays 41%, Lloyds TSB 46%, RBS 82%, HBOS 144%).
Lloyds TSB Group plc is United Kingdom-based financial services company, whose businesses provide a range of banking and financial services in the United Kingdom and a limited number of locations overseas.
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