Citi analyst Andrew Coombs upgraded Lloyds Banking (LYG) to Buy from Neutral with a price target of 114 GBp, up from 106 GBp. The firm says it is “time to re-engage” with the European banks. The group is one of the few still seeing earnings upgrades, the analyst tells investors in a research note. Citi adds that potential rate hikes in Europe will be supportive of earnings.
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