Shares in Lloyds Banking Group (LLOY.L) is up 3.5 percent, outperforming
their banking peers, after Nomura upgrades the lender to "buy" from "reduce".
Nomura says in a note its recommendation reflects Lloyds current underlying
operating cash flow ex-credit losses on Asset Protection Scheme assets. It says
the group's underlying pre-impairement profits would equate to earnings per
share of 18 pence plus 2p from targeted cost savings using a normalised credit
"We believe the group's TBVPS (tangible book value per share) has among the
least downside risks of major banks, after the first loss piece is exhausted,"
Peers Barclays (BARC.L), HSBC (HSBA.L) and Standard Chartered (STAN.L) are
down between 0.1 and 1.5 percent, while Royal Bank of Scotland (RBS.L) is up 1.8
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