Lloyds share price weakens with Aldermore math raising buyback doubts
Lloyds Banking Group slipped 0.6% to 108.45 pence as of 12:12 BST on Wednesday. Barclays and NatWest were both down around 0.2%. Lloyds was trading 5.4% under its 52-week peak at 114.60p. Berenberg’s Michael Christodoulou initiated coverage on Lloyds with a “hold” rating and a 117p target, which is about 8% above where it traded midday. He put “buy” on both Barclays and NatWest, setting targets that suggest 21% and 31% upside, based on Tuesday’s close. Berenberg called Lloyds “an attractive domestic franchise but limited room for positive surprise at current valuations.”