Analysts at Jefferies are bullish on UK domestic bank, adjusting the price targets for Barclays (LON: BARC), Lloyds Banking (LON: LLOY) and OSB Group (LON: OSB) in a note to clients this week. The firm also lifted its rating for NatWest (LON: NWG).
Overall, when assessing the industry, Jefferies said it sees the UK domestic banks as offering “unique exposure to swaps that are bigger, lower yielding and more heavily marked than the rest of Europe.”
The firm raised its target for OSB Group shares to 540p from 500p in the note, keeping a Buy rating on the shares.
Despite a more than 1% increase on Wednesday, OSB Group shares are down more than 15% this year, trading around the 319.2p mark at the time of writing.
Meanwhile, the Lloyds Banking price target was raised to 76p from 59p, with Jefferies also maintaining a Buy rating. Lloyds shares are up 0.6% on Wednesday and have climbed more than 26% for the year to date.
The Barclays share price target was revised lower to 330p from 341p a share at Jefferies. However, out of the three banks, Barclays' performance has been the most substantial this year, rising more than 52%. So far, on Wednesday, it is up 0.4%.
Finally, Jefferies double-upgraded shares of NatWest to Buy from Underperform, with a new price target of 425p, up from 140p a share. NatWest shares have surged 61% in 2024.
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