Lloyds Banking is top pick for Credit Suisse on improving UK bank outlook

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The analysts have revised up their earnings and capital forecasts and target price () and other UK bank shares continue to look “attractive”, says (), based on the improving outlook for the UK economy and interest rates. With the sector up 12% so far in 2021, of which June and July saw falls of 7% and 2% respectively, analysts at the Swiss investment bank said they “continue to have a positive view”. As well as the improved UK economic and rate outlook, Credit Suisse said UK bank valuations “are cheap relative to history” and relative to European counterparts. What’s more, the analysts have a higher forecast than the market for 2022-23 earnings, based on their view of the current yield curve for margins and recovered returns. Lloyds is the top UK pick and the analysts have revised earnings and capital forecasts and target price positively during the current earnings season and subsequently. data released for June showed better new business lending,
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