Citi Resumes Coverage on Lloyds Banking Group (LYG) with a Buy on Reduced Fears of Nationalization
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Citi resumes coverage on Lloyds Banking Group (NYSE: LYG) with a Buy from Hold, citing reduced fears of nationalization.
Citi analyst says, "If the government provided 100% of the required capital under our stress-test scenario, public ownership would increase from 43% to 57% and dilute tNAV per share to 122p. Lloyds Banking Group is currently trading at a 47% discount to this outcome, seemingly reflecting fears of full nationalisation, something we view as unnecessary and inconsistent with the stated aims of the government...Although nationalization remains a possibility, we believe the risk is more than adequately discounted in the current valuation."
Lloyds Banking Group plc, formerly 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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