Goldman Sachs Upgrades Lloyds Banking Group (LYG) to Conviction Buy
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Goldman Sachs upgrades Lloyds Banking Group plc (NYSE: LYG) from Neutral to Buy and added the stock to its Conviction Buy List, saying at 0.8x their estimated trough tangible book value it is the least expensive large cap bank in Europe.
Goldman also reinstated coverage on Barclays (NYSE: BCS) with a Neutral rating.
The firm is also more constructive on the UK banking sector than the market is assigning the group. The firm sees a strong relationship between market share concentration and long-term returns and expect some of the reduced ROE following deleveraging to be offset over time through higher ROA.
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