JPMorgan upgraded Lloyds Banking (LYG) to Neutral from Underweight with a price target of 85 GBp, up from 79 GBp, after the United Kingdom Supreme Court overturned a motor finance commissions ruling on car finance commissions. Given the more favorable than expected ruling, the firm sees the current levels of provisions held by the UK banks as sufficient against this potential liability and upgrades Lloyds as it calls litigation uncertainty “the key challenge to the investment thesis.”
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